During the current bear market, users are unsure about the future. NFT index contracts launched by Jpex Crypto Platform provide a solution.
NFTs promote blockchain technology
Although NFTs prompted the last bull run, the cryptocurrency market is still in a bear market. The price of mainstream cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) have decreased more than 70% from their historical peaks, and altcoins and NFTs are no exception.
According to Red Hare NFT Index data analysis, NFTs have decreased more than 79.3% in the past 60 days.
NFT index contracts promote industry development
The contract market supports two-way trading compared to spot markets — i.e., traders buy corresponding contracts whether prices rise or fall. Contract markets provide better trading opportunities, with yields in both bull and bear markets.
Jpex has partnered with Red Hare and launched NFT index contracts with Bored Ape Yacht Club and Mutant Ape Yacht Club on June 11 for users to buy or short-sell.
What is Red Hare NFT Index?
Red Hare NFT Index tracks NFT projects and aggregates trading data on-chain.
NFT index contracts are the only hedging tool available to current NFT holders; users can profit whether buying or short-selling. NFT index contracts support up to 40-times the normal leverage — i.e., when prices plummet, NFT holders can profit by short-selling.
With NFT index contracts, users can hedge their risk and have the threshold of NFT trading lowered.
Jpex’s CryptoPunks index contract
Jpex launched NFT index contracts on CryptoPunks and Red Hare NFT on June 24, providing a reliable hedging tool.
Jpex has obtained financial licenses from the Lithuanian Financial Crime Investigation Service, United States Money Services Business (MSB) and National Futures Association, Canadian MSB and Australian Securities and Investments Commission.