Injective Pro Launches the First-Ever Bored Ape NFT Floor Price Perpetuals

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Apr 21, 2022, 09:00 ET

Retail traders now have increased access to the most popular NFT collection

NEW YORK, April 21, 2022 /PRNewswire/ -- Injective Pro, the premier fully-decentralized derivatives exchange built on Injective network, is now the first-ever exchange to list an NFT floor price perpetual market with the BAYC/WETH listing.

The Bored Ape Yacht Club (BAYC) collection debuted in 2021 with 10,000 unique NFTs. The NFTs have since been catapulted to mainstream fame with the help of celebrity endorsements from the likes of Justin Bieber, Madonna, and Tom Brady.

Since its launch, BAYC prices have risen astronomically, with a recent floor price value (as of April 2022) at over 120 ETH (~$370,000).

While BAYC is one of the more popular NFT projects on the market today, with its current floor price value at 120 ETH, users who are interested in purchasing an asset may be unable to do so. Floor price perpetuals aim to lower the barrier to entry to such projects by enabling retail users to trade based on the floor price of NFT collections, without actually having to hold custody of the NFT itself.

On Injective Pro, users will be able to go long or short on NFT collections for as little as $1, allowing more users to gain exposure to high-value assets or hedge against NFT market volatility.

Injective Labs, the software development firm company behind Injective Pro, worked with NFT portfolio management company NFTBank to create a custom price feed for the BAYC collection, which validates the initial price of the market.

"The NFT market has now entered the mainstream but the most popular collections such as Bored Ape Yacht Club remain out of reach for most given the high prices," said Eric Chen, CEO and co-founder of Injective Labs. "The Bored Ape Yacht Club floor price perpetuals seek to allow everyday traders to gain exposure into this market, thereby leveling the playing field for most to join the Bored Ape community."

The BAYC floor perpetuals will be listed directly on Injective Pro.

To learn more about Injective Labs Inc., follow @InjectiveLabs on Twitter, subscribe to the Injective Blog, or visit Injective.com.

About Injective

The Injective network is the first layer one proof-of-stake blockchain network optimized for building financial applications. The Injective network is compatible with other layer-one chains, which allows it to congregate liquidity, creating more capital-efficient markets. The Injective ecosystem features a flexible and expressive programming environment which allows developers to take advantage of powerful DeFi primitives, namely on-chain order books and order matching. Injective Labs is one of the core contributors to Injective.

SOURCE Injective