The world's first NFT floor price perpetual contract market is launched! BAYC becomes the first trading pair.

For investors who are passionate about NFT collecting, owning a Bored Ape Yacht Club (BAYC) ape is the ultimate goal for many. However, the price of a Bored Ape has been rapidly increasing since the second half of last year, reaching around 125 ETH currently, which is unaffordable for most people. Nevertheless, the decentralized finance platform Injective launched a perpetual floor price contract for BAYC on the 21st, significantly lowering the barrier to entry for participating in this blue-chip NFT project.

Boring Ape Floor Price Perpetual Contract Market

Due to the high prices of Bored Ape Yacht Club (BAYC) NFTs, most retail investors can only admire them from afar and are unable to participate in the actual trading. However, with the launch of the NFT floor price perpetual contract market by Injective, even with just 1 USD, one can engage in the price fluctuations.

The BAYC perpetual contract trading pair BAYC/WETH officially went live yesterday. Users can analyze and predict the floor price of BAYC series and take long or short positions similar to trading BTC or ETH perpetual contracts.

The actual operation is quite simple, with options for market orders and limit orders, settled in WETH, and leverage of up to 2x available.

Various Issues Still Need to Be Resolved

While the product introduced by Injective is innovative, the current market liquidity is severely lacking, with significant price gaps on the order book, and prices significantly disconnected from the actual floor price. To achieve widespread user adoption, it may be necessary to first engage market makers to provide liquidity.

Furthermore, as this trading pair is based on the BAYC floor price, even though the price of a single Bored Ape is high, compared to the general cryptocurrency market, the price is relatively more controllable. Whether there will be malicious manipulation of the floor price in the future remains to be seen.