JPEGz, The Worlds First NFT Market Cap Index Token, Is Now Live
Cryptex Finance, an Ethereum-based protocol that enables exposure to the total crypto market capitalization, is proud to announce the launch of its new product, JPEGz, exclusively available on layer 2 scaling solution, Arbitrum. Powered by Coinbase Cloud and Chainlink, JPEGz allows DeFi users, traders, funds and investors to get exposure to the NFT market capitalization.
Joe Sticco, Co-Founder of Cryptex Finance, stated that Cryptex is honored to be one of the first DeFi protocols to utilize NFT data price feeds aggregated by Coinbase Cloud. This aggregated NFT data, brought on-chain via Chainlink, powers the price oracle for JPEGz, which is an NFT index token launched by the Cryptex DAO. With the work of Coinbase Cloud, real-time floor price data from 10 NFT collections is now accessible, unlocking billions of dollars of data to the DeFi community.
The NFT API, developed by Coinbase Cloud and Chainlink, indexes metadata and activity for NFT tokens and collections. It supports both ERC721 and ERC1155 token standards, as well as non-standard tokens such as CryptoPunks. Developers can leverage the NFT API to build applications such as NFT marketplaces, portfolios, wallets, and galleries. The API provides quick on-chain updates and allows querying of token metadata, transaction history, ownership, and all tokens within a collection. The NFT API provides developers with the tools to build innovative crypto applications and access billions of dollars of data. With this partnership, Chainlink Labs and Coinbase Cloud aim to bring high-quality pricing data and an optimal liquidity profile to the DeFi space.
Coinbase has an integral role in DeFi at every level of participation. Cryptex Finance’s launch of JPEGz, powered by Coinbase Cloud and Chainlink, provides a unique opportunity for the DeFi community to get exposure to the NFT market capitalization. To learn more about utility and use case possibilities Coinbase Cloud can provide to DeFi protocols like Cryptex, click here.