hiMAYC is an NFTETF (Non-Fungible Token Exchange Traded Fund) token that is backed by the MAYC NFTs (Non-Fungible Tokens). One hiMAYC token represents 1/1,000,000 MAYC in an on-chain MAYC Meta-swap pool operating automatically on the Fracton Protocol's smart contracts. No one has the authority to control them, and it's also permissionless for users to redeem MAYC NFTs from hiMAYC tokens with only a 0.6% redemption fee.