Blue-Chip NFT Index Introduced by MEXC Exchange to Bring Down Investor’s Entry Barriers
When compared to April of 2022, the ETH price has declined from 3579 USDT to a low of about 881 USDT. Recently, the second-largest crypto (in terms of market cap and adoption) has increased in price to almost 2000 USDT. When calculated in USDT, the price of most blue-chip NFTs may decline by about 3x.
But the prices of blue-chip NFTs like Moonbirds, Clone X, Meebits, Doodles, etc., tend to prevent everyday users from taking an active part. For instance, the floor prices of Doodles and Moonbirds are 11 ETH and 23 ETH, but their expected gains should be 17248 USDT and 36063 USDT, respectively.
MEXC, an established digital currency trading platform, has introduced NFT Index to break down the threshold for participants to acquire blue-chip NFTs. This is notably the very first NFT Index introduced by virtual currency exchange.
What is an NFT Index?
MEXC uses the purchase of a set amount of a blue-chip NFT (potential ones) collection as its value support and divides the purchased NFT into a particular amount for indexation. Users only have to trade like a spot to get a share of the NFT Index to benefit from related NFT rights.
As explained in the update, MEXC acquires NFT before Moonbirds airdrops the second-generation NFT. And after MEXC gets the second-gen NFT airdrop, it will proceed to sell the second-generation NFT Moonbirds Oddities at a competitive price for sale. The share of NFT Index positions is then distributed to NMOON holders.
Similarly, when an NFT issues a token and airdrops it to NFT holders, MEXC will give back the airdrop received to the holder according to the NFT Index position share. And its NFT Index not only can be acquired and sold but also chosen to redeem whenever they share reaches an NFT exchange.
Take NMOON offered by MEXC as a practical example. The NFT Index is being supported by #5816, #347, #8298 Moonbird bought by MEXC and is then divided into 10,000,000 Indexes for free purchasing and selling purposes, and the purchase volume has managed to reach 1,000,000 units. Purchasers can contact MEXC so they can redeem a complete NFT every week.
MEXC has issued 9 NFT Indexes supported by Moonbirds, Clone X, Azuki, Meebits, Doodles, Invisible Friends, etc. They reportedly include NMOON, NCLONEX, NAKI, NMEEBITS, NDDS, NIFRIEND, etc. It’s not just the first exchange to introduce NFT Indexes but also the exchange with the most listed blue-chip NFT Indexes.
Why may we consider choosing blue chip NFTs? The reason is that while the current NFT is the leading track in the crypto and blockchain space, and its overall market value has reached $24.53 billion, it is clear that 99% of NFT projects have been unsuccessful or will not succeed in the long-term.
As explained in the announcement, the risk value of zeroing for the remaining 1% remains fairly low after a rough time in the market. And now, with the launch of the on-chain ecology of ETH 2.0, NFT provides a lucrative opportunity to enter the nascent Web 3.0 space.
With the steady rise of NFT track and NFT in SocialFi, GameFi, Metaverse, Metaverse, NFTfi, as well as their applications in other sectors, MEXC has finalized a 4-year plan for around 10 sub-tracks like public chains, DeFi, NFT, DAOs.
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