The index comprises 10 of the most well-liked NFT collections.
Cross-chain DeFi supplier Cryptex Finance on Tuesday launched a $JPEGz token, that is an index token designed to trace the market capitalization of a number of the greatest NFT collections. It’s primarily based on the Layer 2 Ethereum scaling resolution Arbitrum and is powered by the oracle community Chainlink and Coinbase Cloud.
The index comprises 10 of the most well-liked NFT collections: Bored Ape Yacht Membership (BAYC), Mutant Ape Yacht Membership (MAYC), CryptoPunks, CloneX, Cool Cats, Doodles, Vee Associates, CrypToadz, World of Girls and Azuki Official.
Cryptex Finance Co-Founder Joe Sticco commented on the launch, “At present, we announce a significant milestone for our DAO with the launch of JPEGz, our blue chip NFT index token dwell to all customers of the Arbitrum community. For the primary time, customers can mint value publicity to trace 10 widespread NFT collections utilizing ETH or DAI with out the necessity to maintain the underlying NFT’s themselves.”
A key, distinctive characteristic of the token is Chainlink’s NFT Flooring Value Feed which supplies the ground value – the minimal worth – of every NFT within the index. The characteristic will present customers publicity to the NFT market capitalization whereas permitting them to hedge their NFTs. The characteristic can be anticipated to extend the soundness of the NFT market.
$JPEGz is offered for minting on the Cryptex Finance dApp on Arbitrum One. It may be swapped on Uniswap and Slingshot on Arbitrum, offering NFT holders on the lookout for publicity to the NFT market with flexibility and comfort.
“Arbitrum’s collaborative NFT group has been rising quickly, and now because of JPEGz, merchants may have entry to an indexing fund that straight tracks prime NFT initiatives, permitting traders of all ranges to have stake within the largest NFTs initiatives globally. With this innovation, we’re excited to see how JPEGz plans to speed up with Arbitrum and drive scale over the approaching months,” stated Offchain Labs’ Chief Advertising and marketing Officer, Andrew Saunders.
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