Even though the Bored Ape collection has become THE famous collection in the world of NFTs and its popularity is growing, it is still too pricey.
This collection is only available to a very small number of people, which may frustrate NFT fans who want to join this community, especially given the current floor price of 86 ETH (almost $130,000).
This is another reason why there have been numerous theft attempts around this project. So much so that Yuga Labs, the company’s founders, were forced to issue a Twitter alert.
Aware of this issue, the Kucoin platform has chosen to add NFT splitting, a ground-breaking yet underutilized idea.
The entry barrier will be greatly lowered as a result of this, since it will be feasible to obtain fractions of 2 NFTs from the collection for just 0.13 USDT.
To do this, the two NFTs in question, BAYC #5066 and BAYC #8669, will be divided into a total of 2,000,000 plots, or hiBAYC units.
Beyond the financial advantages provided by this strategy, Kucoin also takes pleasure in providing a highly accessible, enabled, and centralized experience, ensuring that new participants do not feel even the least annoyance on-chain.
Finally, keep in mind that these NFTs can be exchanged directly on the Kucoin marketplace in a number of pairs to provide their owners with the most liquidity and opportunity.
Coming first, serving first
The registration period for this effort, which began at 12:00 p.m., will finish this Friday at the same time. Since this event runs on a first-come, first-served basis, registering as soon as possible is the best method to guarantee you receive a hiBAYC token.
Additional benefits promised by the platform
If the official Kucoin press release is to be believed, these NFT fractions should provide additional benefits for their holders in addition to the benefit of joining the Bored Ape Yacht Club and its environment for a (mostly) reduced cost.
The opportunity to attend a special event is one of the benefits promoted by the site. This one, called “Learn to Earn,” will require you to demonstrate your understanding of split NFTs in exchange for prizes.
This tournament will include a prize pool of 250,000 hiBAYC, which is equal to a quarter of BAYC. You will consequently have the chance to win some of it if you respond accurately!
A procedure that will progress
Although Kucoin is the first cryptocurrency to use NFT splitting, this is not the first time the technique has been applied.
The Azuki project employed this strategy in March after recognizing its potential.
The NFT Azuki #40 used in this experiment had been divided into 20,000 fractions, or Bobu. These “Bobu” fractions might all be sold again on OpenSea and used as NFT Twitter profile pictures.
Furthermore, these NFT fractions gave their owners access to the Azuki project’s official Discord server. All of this is possible without having to spend a significant quantity; at the relevant moment, the collection’s floor price was roughly 30 ETH (with a higher price of ETH, moreover).
This endeavor is growing more and more democratic because it has many benefits for both users and the individuals who created the relevant collection.
NFT splitting is the best option when a collection’s floor price is unreasonably high and out of reach for most people because it enables newcomers to the community to do so for less money.
On the side of the creators, this enables them to reach the greatest number of individuals even when the project’s floor price would typically prevent them. This promotes access to collections and can be especially helpful for initiatives building a true ecosystem around their collection, like Doodles or BAYC.
In fact, the Otherdeed for Otherside collection, for example, is considerably more accessible than the BAYC are currently. And because of this, people that purchased BAYC fractions may very likely realize it.
Therefore, using NFT’s splitting scheme makes it possible to introduce new people to the full ecosystem without spending a fortune, somewhat like a sample. In conclusion, everybody locates their account!