The Block: 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.

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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 JPEGz 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 Founded in 2013, Huobi Global is one of the largest virtual asset exchanges in the world. Huobi Global serves millions of users across international markets. Since its establishment, Huobi Global has committed to providing first class virtual asset investment services. Huobi Global's robust infrastructure, product innovation and capital strength provides a truly customer-centric and secure trading environment to help our international users to achieve their investment objectives. Please refer to Huobi's official website for more information: huobi.com .

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