How to Guides
24 June 2022 | 4:27 am
JPEG’d is a decentralized lending protocol on the Ethereum blockchain that enables non-fungible token (NFT) holders to use their NFTs as collateral to open collateralized debt positions (CDPs).
JPEG aims to bridge the gap between DeFi and NFTs to bring more people into DeFi and increase use cases for NFT.
JPEG’d has 2 tokens, JPEG (native token) and PUSD (stablecoin).
This guide might be right for you if you're looking for a good investment opportunity. Read on to learn everything you need to know about JPEG'd (JPEG) and where, why, and how to buy JPEG'd (JPEG).
Let's get right to it!
JPEG’d is a decentralized protocol for NFTs built on the Ethereum blockchain. Users can deposit NFTs as collateral to borrow the native stablecoin PUSd. This is the creation of a new DeFi primitive known as Non-fungible Debt Position (NFDP). As a result, NFT holders can earn yield in DeFi, trade, etc., while still owning their JPEGs.
The JPEG’d team has stated that initially, you can only borrow against Cryptopunks; however, in the future, you'll be able to deposit all kinds of NFTs.
The DAO will ensure that PUSd stays as close to $1 as possible. Incentives will be provided to any participant providing liquidity for PUSd.
The native token of the JPEG protocol is called JPEG (JPG). JPG tokens are used to mint, buy, sell, and transfer NFTs on the JPEG platform. Here are JPEG key use cases:
JPEG is a governance token. Users are required to have the token to vote on increasing debt, the agreed-upon value of rarer NFTs, interest fees, changing debt deposit limits, newly accepted NFTs, etc. Holders of the JPEG token can vote on which projects receive funding from the JPEG Foundation. JPEG enables non-fungible tokens to have shared ownership as well as utility. By owning the JPEG token, holders own shares of the NFT vault and benefit from it each time an NFT is created or sold.
JPEG holders can make or vote on governance proposals that affect the protocol's future direction, including changes to debt limitations on vaults, interest fees, insurance costs, and credit limits for specific NFTs, among other things.
Additionally, users who stake their $JPEG will get a portion of the fees generated by the protocol.
The JPEG protocol offers a new way to buy, sell, and use NFTs by giving users a say in how the community is governed and how the ecosystem develops.
JPEG is trading for the first time since March 2022. JPEG currently has an estimated market cap of USD 242,145,589.07. There will be a total of 69,420,000,000 $JPEG tokens distributed as follows:
Check the JPEG’d price history, 24-hour trading volume, circulating supply, etc., and get live updates on JPEG’d price on CoinStats, one of the best crypto platforms around.
Unlike other major cryptocurrencies, you can't buy JPEG'd instantly with fiat money. You must first buy Bitcoins or USDT at a fiat exchange and transfer them to an exchange supporting JPEG.
SushiSwap (WETH/JPEG), Uniswap (V3) (WETH/JPEG), LBank (JPEG/USDT), and MEXC Global (JPEG/USDT) are some of the centralized exchanges (CEX) that support JPEG'd (JPEG) trading.
The following is an extensive list of exchanges that support trading JPEG in several trading pairs:
Remember that you can't purchase JPEG'd instantly with fiat (such as Paypal or Bank Cards). To buy JPEG'd (JPEG), you must first purchase another cryptocurrency that can be bought with fiat currency, such as (USDT, BTC, ETH, or BNB), and then send them to a crypto exchange or crypto wallet that supports JPEG'd(JPEG) trading.
Many crypto exchanges and wallets offer over-the-counter (OTC) trading of USDT and its purchase with fiat currency. After that, you can use a crypto exchange or a crypto wallet to swap USDT for JPEG.
To buy cryptos, including JPEG, you must compare cryptocurrency exchanges to select the best trading platform with the features you need, such as low trading fees, an easy-to-use interface, and 24-hour customer support. Also, remember to check if the cryptocurrency exchange supports your preferred payment method, such as a credit or debit card, another cryptocurrency, or a bank transfer. Some exchanges provide advanced trading tools and services, like limit and market orders, crypto loans, and crypto staking.
Let's explore the steps for buying JPEG:
Step 1: Following the selection of a reliable exchange, the next step is to create an account on its official website or app. If the exchange offers one-step signup with your social account (e.g., Binance), you can sign up using your social account immediately. The parameters vary according to the platform. Most purchases on centralized exchanges will require personal information such as your name, email address, contact number, social security number, home address, and a copy of your driver's license, passport, or government-issued ID. After submitting your account creation application, check your email for the account verification code, enter the code to validate your account, and start trading.
Tip: To be safe, search for the 'Secure' certificate, which serves as validation of the site's authenticity and should appear in your address bar, and bookmark the legitimate site to avoid confusion in future searches.
Step 2: Once you have finished the KYC process, you must set up two-factor authentication to ensure your assets' safety.
Step 3: JPEG, unlike other major cryptocurrencies, cannot be purchased with fiat money. You need to purchase one of the major cryptocurrencies, i.e., we recommend USDT as an example. You can also buy Bitcoin or Ethereum on Binance and then trade these cryptocurrencies for JPEG.
You can also use Changelly, an easy-to-trade-in site, especially when it comes to buying Bitcoin with credit cards. It provides an automatic cryptocurrency exchange that lets you exchange crypto fast and buy them using a credit card.
Tip 1: You can use the CEX service, which offers OTC trading, or a financial service platform (Payoneer, Paypal, or Robinhood) that accepts deposits via bank account or credit card.
Tip 2: You can use a trading service (Cex.io or LocalBitcoins) or sell to buyers directly using bank transfers, Paypal, or other online payment systems.
Step 4: Transfer your newly purchased USDT, ETH, or BNB to an exchange that offers spot-market JPEG'd(JPEG) trading. There's no need for you to switch to another platform if the platform you're using supports both acquiring USDT, ETH, or BNB with fiat and trading pairs such as the JPEG'd(JPEG)-USDT, JPEG'd(JPEG)-ETH or JPEG'd(JPEG)-BNB.
Step 5: Swap USDT, ETH, or BNB for JPEG'd (JPEG).
Step 6: Once you’ve completed your JPEG'd purchase, the next step is to select a crypto wallet to store your JPEG'd (JPEG) tokens safely. Your coins can be saved in your brokerage exchange wallet, but because of the very nature of the wallets in exchanges, they'll always be online, therefore exposing certain aspects of vulnerabilities. We strongly recommend creating a private wallet with your own set of keys. Depending on your investment preferences, you can select between software wallets and hardware wallets.
CoinStats Wallet is one of the best software wallets for managing all your DeFi and crypto in one place - a single crypto wallet for buying, selling, swapping, tracking, and earning on your crypto!
Hardware wallets, also known as cold wallets like Ledger or Trezor, offer military-level security since they include secure offline storage and backup functionality. These are better suitable for experienced users with a large number of tokens.
Here are some hot wallets for storing your JPEG'd:
Tip: Make sure to keep your seed phrase safe, and take note of your wallet address.
If you're new to cryptocurrency, we advise against investing a large sum of money into a single digital asset. Diversifying your portfolio with a variety of digital assets can help mitigate risk.
The JPEG protocol offers a new way to buy, sell, and use NFTs. JPEG aims to bridge the gap between DeFi and NFTs by enabling any NFT collections to obtain a line of credit using their NFTs as collateral on the protocol.
In this guide, we've covered everything about buying JPEG'd (JPEG), where to buy it, and why you should consider investing in this project.
Consider investing in JPEG'd (JPEG) if you're looking for a good investment opportunity in cryptocurrency. Thank you for reading!