Cryptex Finance Launches Arbitrum-Based NFT Market Cap Index Token $JPEGz

UTC by Mercy Tukiya Mutanya · 2 min read
Cryptex Finance Launches Arbitrum-Based NFT Market Cap Index Token $JPEGz
Photo: Cryptex Finance

The index contains 10 of the most popular NFT collections.

Cross-chain DeFi provider Cryptex Finance on Tuesday launched a $JPEGz token, this is an index token designed to track the market capitalization of some of the biggest NFT collections. It is based on the Layer 2 Ethereum scaling solution Arbitrum and is powered by the oracle network Chainlink and Coinbase Cloud.

The index contains 10 of the most popular NFT collections: Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), CryptoPunks, CloneX, Cool Cats, Doodles, Vee Friends, CrypToadz, World of Women and Azuki Official.

Cryptex Finance Co-Founder Joe Sticco commented on the launch, “Today, we announce a major milestone for our DAO with the launch of JPEGz, our blue chip NFT index token live to all users of the Arbitrum network. For the first time, users can mint price exposure to track 10 popular NFT collections using ETH or DAI without the need to hold the underlying NFT’s themselves.”

A key, unique feature of the token is Chainlink’s NFT Floor Price Feed which provides the floor price – the minimum value – of each NFT in the index. The feature will provide users exposure to the NFT market capitalization while allowing them to hedge their NFTs. The feature is also expected to increase the stability of the NFT market.

$JPEGz is available for minting on the Cryptex Finance dApp on Arbitrum One. It can be swapped on Uniswap and Slingshot on Arbitrum, providing NFT holders looking for exposure to the NFT market with flexibility and convenience.

“Arbitrum’s collaborative NFT community has been growing rapidly, and now thanks to JPEGz, traders will have access to an indexing fund that directly tracks top NFT projects, allowing investors of all levels to have stake in the largest NFTs projects globally. With this innovation, we are excited to see how JPEGz plans to accelerate with Arbitrum and drive scale over the coming months,” stated Offchain Labs’ Chief Marketing Officer, Andrew Saunders.

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