Investors resume NFT speculation as builders refine value propositions, while WOO X democratizes access to non-fungible assets
SEYCHELLES, Mahé, March 11, 2024 (GLOBE NEWSWIRE) -- WOO X, a leading global centralized cryptocurrency exchange (CEX), has announced the addition of six fractionalized non-fungible tokens (NFTs) in anticipation of a surge in NFT prices following Bitcoin's (BTC) recent all-time high.
“Investors are reigniting discussions on NFTs across diverse sectors such as finance, gaming, and art, as builders in this sector redefine NFTs beyond mere extravagant profile pictures, emphasizing a solid value proposition at their core. As crypto profits rise, money often funnels into NFT collections, propelled by Bitcoin's surging prices, fueled in part by US ETFs.
As NFT prices climb, fractionalized NFTs emerge as a more accessible option. We're facilitating this accessibility by listing them on WOO X, where users can buy, sell, and trade these tokens just like any other cryptocurrency,” said Jack Tan, Co-founder of WOO X.
The fractionalized NFTs will be listed in succession throughout March, starting with CryptoPunks (μϾ721), followed by Degods (μDegod). In February, WOO X became the first venue to list a fractionalized NFT collection with the addition of Pudgy Penguins (μPPG) and Bored Ape Yacht Club (μBAYC).
WOO X is the first CEX to allow for the trading of fractionalized tokens in a bid to disrupt the traditional exclusivity of NFT marketplace sales and significantly expand access to NFTs. This game-changer is facilitated by a strategic partnership, with Flooring Lab listing its fractionalized NFT ownership µ-Tokens on WOO X, and Protecc Labs providing algorithmic market-making strategies specifically for NFTs.
Floor Protocol allows users to lock NFTs in blockchain-based vaults in exchange for 1 million μTokens. The price of these μTokens is then pegged to the floor price of the collection, as 1 million μTokens are redeemable for any NFT in the vault. These μTokens can then be deposited on WOO X so that users can buy or sell them through an orderbook, with a full suite of trading tools and the speed and performance of a centralized exchange.
“It makes perfect sense to choose WOO X as a partner, renowned for pioneering numerous industry innovations, including the first live transparency dashboard and execution quality analytics, supported by a robust and trusted platform,” Flooring Lab said in a statement.
“The innovation provided by this partnership aligns with Protecc’s core mission of enhancing NFT liquidity and fostering growth through advanced financialization protocols,” Protecc Labs said in a separate statement.
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About WOO X
WOO X is a global centralized crypto futures and spot trading platform offering the best-in-class liquidity and price execution. WOO X has an average daily volume exceeding $600 million and is home to hundreds of thousands of traders worldwide. WOO X traders benefit from radical transparency through our industry-first live Proof of Reserves & liabilities dashboard and the company's mission to maintain the trust of its growing community of traders.
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