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 seeks to bridge the gap between DeFi & NFTsDeFi to increase the number of NFT users and attract more people.
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!
What exactly is JPEG?
JPEG’d is a decentralized protocol for NFTs built on the Ethereum blockchain. For PUSd native stablecoin, users may deposit NFTs in collateral. It is the creation a non-fungible debt position (NFDP), a DeFi primitive.. NFT owners can also trade and earn DeFi yields, as well as retain 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.
DAO will make sure that PUSd remains as close as $1. Any participant who provides liquidity for PUSd will get incentives.
JPEG (JPG) is the native token for JPEG protocol. JPG tokens can be used on the JPEG platform to buy, sell and transfer NFTs. Below are key JPEG uses cases
- Placement
- Liquidity Mining
- Lock
- Reward.
JPEG represents a governance token. The token is required for users to be able to vote on debt increasing, NFTs with a lower value than agreed, interest rates, debt deposit limit changes, new NFTs being accepted and other issues. The JPEG token holder can vote for which JPEG Foundation projects are funded. JPEG gives non-fungible tokens the ability to share both ownership and utility. Holders of JPEG token can own shares in the NFT vault, and receive benefits each time an NFT creation or sale is made.
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.
Users who place their $JPEGs will also receive a share of the revenue generated by this protocol.
JPEG Protocol offers an innovative way to purchase, sell and use NFTs. It gives users the ability to have a voice in the governance of the community and the development of the ecosystem.
JPEG traded for the first times since March 2022. JPEG’s market cap is currently USD 242,145 5,589. As follows, there will be total of 69.420,000,000 $JPEG coins:
- DAO — 35%
- Donation event — 30%
- Team — 30%
- Advisers — 5%
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. First, you must buy Bitcoins and USDT on a fiat currency exchange. Then transfer these funds to an exchange that supports JPEG.
JPEG: Where can I buy it?
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.
Below is a list of many exchanges which support JPEG trading in multiple 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.
Numerous crypto wallets and exchanges allow you to trade USDT over the counter (OTC), and purchase USDT with fiat currencies. To exchange USDT for JPEG, you will need a wallet or crypto-exchange.
How to Buy JPEG’d
You must evaluate cryptocurrency exchanges before you buy any cryptos. You should also check whether the exchange accepts your preferred payment method such as a debit or credit card, another cryptocurrency or bank transfer. Some exchanges have advanced trading tools such as limit orders and market orders, crypto loan and crypto stake.
Let’s explore the steps for buying JPEG:
Step 1 Once you’ve chosen an exchange that is reliable, your next step will be to set up an account through the app or official website. Sign up immediately if you have a social account, such as Binance. The platform will vary in the parameters. 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. You can start trading once you submit your account creation request.
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 is not able to be purchased using fiat money like the other major cryptocurrency. It is necessary to buy one of the most popular cryptocurrencies. We recommend USDT for this example. Binance allows you to purchase Bitcoin or Ethereum and trade the cryptocurrencies for JPEG.
Changelly can be used to buy Bitcoin using credit cards. This site allows you to exchange your cryptocurrency automatically. You can quickly exchange cryptocurrency and then buy it with a credit card.
Tip 1The CEX service offers OTC trading and a platform for financial services (Payoneer or Paypal or Robinhood), that allows deposits to be made via credit or bank accounts.
Tip 2There are two options: you can either use a trading platform (Cex.io and LocalBitcoins), or you can sell directly to buyers via bank transfers, Paypal, or another online payment method.
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. It is strongly recommended that you create a private wallet using your personal keys. You can choose between hardware and software wallets depending on how you invest.
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!
Cold wallets (also known as hardware wallets) like Ledger, Trezor and Trezor offer security up to military level. This is a better choice for those who are experienced with large amounts of tokens.
Here are some hot wallets for storing your JPEG’d:
- Trust your wallet
- Atomic Wallet
- MetaMask
- Guarda Wallet
Tip:Keep your seed phrase secure and note your wallet address.
If you’re new to cryptocurrency, we advise against investing a large sum of money into a single digital asset. You can reduce risk by diversifying your portfolio and investing in a number of digital assets.
Conclusion
JPEG Protocol offers new ways to purchase, sell and use NFTs. JPEG is designed to close the gap between DeFi (NFTs) and NFTs. It allows NFT collection holders to get a credit line using their NFTs to collateral.
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. We appreciate your reading.