Fracton Protocol is celebrating a remarkable achievement. Just 10 months after introducing hiNFT tokens, the pioneering non-fungible token (NFT) fractionalization platform has exceeded $3 billion in trading volume on Kucoin.
Quick Takes:
- Fracton Protocol surpasses $3 billion in trading volume for fractional hiNFT tokens on Kucoin within 10 months.
- The platform enables NFT collectors to invest in OG collections like CryptoPunks with as little as 1 USDT.
- Fracton’s growing ecosystem includes a governance token (Fracton Token (FT)), and partnerships that expand the reach of fractionalized NFT trading.
Exploring the Need for Fracton Protocol: What Is It?
KuCoin partnered with Fracton Protocol in July 2022, to launch the HiNFT ETF trading zone. Users can trade fractional NFTs on the spot market and participate in regular fractional initial offerings.
In total, Fracton fractionalizes 25 OG projects, including Doodles, Azuki, Otherdeeds, Sandbox LAND, and Bored Ape Yacht Club. The platform divides the high-value NFTs into smaller NFTs, making them accessible and tradable to more than one buyer.
As a result, the company has reaped $3 billion in trading volume in just ten months following success.
Technicalities Behind Fracton Protocol
Fracton makes the fractionalizations of NFTs possible via meta-swap. The tool converts high-value digital assets into 1,000 ERC-1155 tokens.
The digital assets are then split into 1,000 ERC-2O tokens called HiBAYC. This process creates a Hi-version of all NFTs. Consequently, traders with as little as 1 USDT can own a fraction of blue-chip collectibles.
The tokens represent numerous NFT ETFs backed by a basket of on-chain fractionalized NFTs. This exposes holders to their respective NFT collections without buying the individual NFT. Additionally, the value of each HNFT token is determined by the value of the NFTs it represents.
The Fracton ecosystem also features a governance token. Fracton Token (FT) offers primary payment mode access to fractionalized NFTs on Kucoin.
Basically, Fracton Protocol makes NFT ownership more accessible. The tool allows collectors to invest in high-value collections with minimal investment.
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