hiMAYC

hiMAYC, symbolized as HIMAYC, is an innovative digital asset that operates within the cryptocurrency space, representing an NFTETF (Non-Fungible Token Exchange Traded Fund). This unique token is directly backed by MAYC NFTs (Non-Fungible Tokens), providing a tangible connection to the NFT market. Specifically, each hiMAYC token symbolizes a fractional ownership of 1/1,000,000 MAYC through an on-chain MAYC Meta-swap pool. This pool is autonomously managed by the Fracton Protocol's smart contracts, ensuring that no single entity has control over the fund, and it remains permissionless for users wishing to redeem MAYC NFTs against hiMAYC tokens, albeit with a 0.6% redemption fee​​.

hiMAYC serves as a bridge between traditional cryptocurrency investments and the burgeoning world of non-fungible tokens (NFTs). By tokenizing fractional ownership in MAYC NFTs, hiMAYC allows for broader market participation, offering a unique way for investors to gain exposure to the NFT market without the need to own whole, individual NFTs. This approach democratizes access to high-value NFT assets, which might otherwise be out of reach for average investors, by breaking down these assets into more accessible, fractional units.