Emerging reports indicate that Fracton Protol recently surpassed the $3 billion mark in trading volumes.
Fracton at $3 billion
Fracton Protocol was designed solely to enable the trading of Fractional NFTs. According to sources, Fracton Protocol just surpassed the $3 billion mark in trading volumes on the crypto exchange Kucoin.
Based on a recent press statement, the trades are mainly those done via the centralized exchange Kucoin.
Fracton seemingly attributed its success to its choice of NFTs, hiNFTs. The network notes that the hiNFTs allow its collectors and investors to gain exposure to NFTs easily while trading the assets via centralized exchanges.
Based on reports, this fractional NFT system also allows investors to buy minute portions of high-value NFTs.
Fracton notes that reaching the $3 billion mark on Kucoin is a great milestone for their project. The network noted that the recent milestone suggests the adoption of the NFTs, even those offered through a centralized exchange network.
The protocol’s community head, Chido, recently noted that: “Reaching this trading volume milestone was no small feat, and we are incredibly proud of our accomplishment.”
The head also noted that the team constantly works to make NFT trade accessible. They even promised new features in the protocol in the foreseeable future.
FT token price action
As the network announces a milestone in transaction volumes, the FT token, which began the year trading strongly, has performed poorly in the past few weeks. The token currently trades at just about $3.
This token began the month trading at about $2.5. Therefore, FT has gained some value in recent days.
FT price performance | Source: Coinmarketcap
However, a look at the charts paints a different picture. The token gained value to hit $3.5 on April 7 but resumed a negative price trend since then.
At the start of the year, FT was trending upwards, moving from a low of $2.8 to a high of $6.99. However, the token began trending downwards after recording the high on February 28. Based on charts, despite FT trending downwards recently, it’s still trading in the green compared to the start of the year value.