Seychelles-based cryptocurrency exchange KuCoin has reportedly released an exchange-traded fund (ETF) linked to high-profile NFT assets such as Bored Ape Yacht Club (BAYC).

Specifically, KuCoin’s NFT ETF Trading Zone has officially been released on July 29th, as revealed by the company. The freshly rolled out investment offering is available via a partnership with NFT infrastructure provider Fracton Protocol.

The KuCoin NFT ETF reportedly functions as a Tether (USDT)-dominated offering, which marks specific underlying NFT assets such as Bored Ape Yacht Club. BAYC is among the five NFT ETFs that KuCoin is gearing towards a roll-out. 

Trading under the symbol hiBAYC, the asset is an ERC-20 token representing 1/1,000,000 ownership of the target BAYC in the BAYC meta-swap of Fracton Protocol.

The ETF reportedly looks to enhance liquidity as it provides exposure to NFTs through the USDT stablecoin, rather than Ether (ETH). It further rules out the risks and concerns associated with supervising NFT infrastructure elements such as wallets, smart contracts and marketplaces like OpenSea.

Apart from hiBAYC, the investment covers CryptoPunks (hiPUNKS), Koda NFTs (hiKODA), hiSAND33 and hiENS4. Beginning with hiBAYC on Friday, the investment product is scheduled to list hiPUNKS on Aug. 4. Listings for hiKODA, hiSAND33 and hiENS4 will be announced at a later date, per the exchange.

The ETF reportedly is a marking of a crucial milestone in KuCoin’s attempts to fast-track the introduction of the NFT market, via bringing down the investment threshold of top-tier digital collectibles. 

The exchange has been investing extensive resources towards building the NFT sector, releasing the interactive NFT launch platform Wonderland in April this year. KuCoin further introduced Windvane, an NFT marketplace providing an NFT launchpad, mint, trade, management, and other services.