VegaX Index Launch: VNMX and VSOLX — NFT Market Index + Solana Index📈
VegaX, a developer of next-generation indices and financial products focused on the cryptocurrency market, has launched two new indices; the VegaX NFT Market Index (VNMX) and the VegaX Solana Index (VSOLX). VegaX has added these indices as a way to provide an entry into new markets within the broader cryptocurrency market.
The VegaX NFT Market Index (VNMX)
The VegaX NFT Market Index (VNMX) aims to be the premier benchmark for tracking NFTs and is designed to track the top 10 NFT collections and projects. Examples are the popular CryptoPunks and Bored Ape Yacht Club NFTs. the NFTs that are included in the index will be selected based on the previous 7 days’ average sale price for the collection, with a minimum requirement of $100k in volume over the same time period.
This index will provide investors with access to the metaverse and will provide them with an easy way to keep track of the hottest NFT collections and projects, all in one place.
As of September 1, 2021, VNMX tracks (subject to change):
- CryptoPunks
- Art Blocks
- Bored Ape Yacht Club
- Meebits
- VeeFriends
- Decentraland
- HashMasks
- MoonCatRescue
- Bastard Gan Punks
- Cyberkongz
The Current State Of The NFT Space
Recently, the NFT space has really taken off. Currently, the total NFT market capitalization is around $8 Billion and the amount of Ethereum addresses holding NFTs has grown 5X year-to-date, equaling nearly 100,000 addresses. OpenSea, the largest NFT marketplace, has sold $5 Billion in volume so far in 2021, compared to $25 Million in 2020, which shows the extent of the growth in the industry.
It’s clear that now is the time to provide investors with an entry point to the NFT market, and VegaX is thankful for the opportunity to be able to offer this to clients.
The VegaX Solana Index (VSOLX)
The VegaX Solana Index (VSOLX) aims to be the premier benchmark for tracking Solana-based cryptocurrencies. The index is designed to track the top 5 Solana-based assets, including Solana’s native token, SOL. The assets included in the index will be selected based on market capitalization. The goal of the index is to provide investors with investment access to a relatively new but quickly growing blockchain with its ecosystem of governance tokens, DeFi protocols, and data providers in one convenient place.
The Current State Of The Solana Ecosystem
Since its launch in March 2020, Solana has become a strong force within the industry. Sol, the network’s native token, is up 4,000%+ year to date. Total value locked in the Solana ecosystem, a statistic that measures how much activity is taking place on the network’s DeFi apps, is over $3B, indicating a healthy collection of protocols for this index to track.
At current rates, Solana can complete all of the transactions ever done on Ethereum… each week.
Solana is…
- Cheaper than BSC, Cardano, Cosmos, and Avalanche
- More secure than BSC, Cardano, Cosmos, and Fantom, and
- Allows more transactions/second than any other live blockchain
Solana is a blockchain that has the potential to challenge Ethereum as the most-used smart contract protocol in crypto. VSOLX gives investors a chance to track SOL’s progress, along with four other Solana-based tokens.
VegaX — Strengthening The Crypto Investment Product Options
VegaX is working to add to the growing list of crypto investment products available in the crypto space, and by doing that, further the goals of the cryptocurrency and blockchain technology industry and the movement to decentralize financial services.
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