This DeFi project created a way to bet on the entire NFT market

Episode 123 of Season 4 of The Scoop was recorded live with The Block’s Frank Chaparro and Cryptex co-founder Joe Sticco.

Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Or click here to watch the full interview on YouTube. Email feedback and revision requests can be sent to [email protected]

A DeFi protocol known as Cryptex offers a permissionless way to speculate on the total crypto market capitalization through its novel index token, TCAP.

Now, Cryptex is on the verge of releasing its newest index token, JPEGz, which will allow holders to track the total market cap of NFTs on Ethereum.

In this episode of The Scoop, Cryptex co-founder Joe Sticco shares the details behind the upcoming JPEGz NFT index token, including why the index token is a good way to speculate on the future growth of the NFT sector.

According to Sticco, the list of NFT collections included in the JPEGz index token is dynamic, which ensures that whenever a hot new NFT project crops up in the future, it will be included in the index.

As Sticco explains,

“NFTs are literally in their infancy. I look at them now and it’s like where crypto was in 2017 — we had that first bust cycle now, and now we’re in the ground, and who knows what happens next, but JPEGs is going to be the ability to track the NFT market cap.”

During this episode, Chaparro and Sticco also discuss:

• How Cryptex’s index tokens maintain peg;
• Why only the strongest teams survive crypto winter;
• Why crypto index products are ideal for traditional firms entering the space.

This episode is brought to you by our sponsors Tron, Ledn

About Tron
TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord |

About Ledn
Ledn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.io

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.