Crypto Exchange Injective Pro deploys BAYC Perpetuals in a fiery NFT market

  • The exchange said it wants to lower the barrier to entry to invest in high-value NFTs via crypto perpetuals
  • Contracts will allow investors to bet on the direction of NFT projects, starting at $1

Crypto derivatives exchange Injective Pro said on Thursday that it had listed perpetual contracts based on Bored Ape Yacht Club NFTs in an effort to make them more accessible to the average investor.

The exchange also said it was the “first” to bring a perpetual NFT (non-fungible token) floor price to market through its BAYC listing, according to a statement.

Crypto perpetuals are a form of derivative agreement allowing investors to buy or sell a digital asset for a specified amount at some indefinite time in the future. They differ from futures contracts in that they allow an individual to hold onto the contract indefinitely.

The demand for NFT has exploded in recent years. Minted on the Ethereum blockchain, Bored Ape NFTs – founded by parent company Yuga Labs last year – have continued to ride the speculative fervor, pushing prices beyond the reach of many investors.

The minimum price for a single Bored Ape NFT for immediate purchase is 127.7 ETH, or approximately $378,000, according to the project floor price listed on the OpenSea Marketplace.

Injective Pro’s latest perpetuals will attempt to lower the barrier to entry by offering retail investors a way to speculate on the floor price of NFT collections without needing to hold the underlying asset.

“Like NFTs, we believe that with an intuitive product and education on the true value of an NFT perpetual market, users will be able to benefit from this innovative technology, without needing to know all the intricacies of how perps work.” , Injective Labs CEO Eric Chen told Blockworks.

Users will be able to execute long or short positions of a particular NFT project from $1. This would allow more users to gain exposure to high-value assets or hedge against NFT market volatility, Injective said.

“NFTs are still at a stage where prices are preventing many people from joining these communities,” Chen said. “That’s why we chose BAYC as the first project to be listed on an NFT floor perpetual market on Injective Pro. We wanted to lower the barrier to entry to join projects where people understand the value, but at the same time, are blocked to enter due to price.

Injective Pro, which is the first major decentralized application built on the Injective blockchain, offers cross-chain margin trading, derivatives, and forex futures trading, including perpetuals.

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  • Sebastien Sinclair


    Senior Reporter, Asia News Desk

    Sebastian Sinclair is a senior reporter for Blockworks operating in Southeast Asia. He has experience covering the crypto market as well as some developments affecting the industry including regulation, business, and mergers and acquisitions. It currently does not hold any cryptocurrency. Contact Sébastien by e-mail at [email protected]

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