Joepegs

Joepegs operates as a decentralized, non-fungible token (NFT) marketplace, initially established on the Avalanche blockchain and later expanded to the BNB Chain. The platform was brought to market by the founders of the decentralized exchange Trader Joe, who are known by their pseudonyms, Cryptofish and 0xMurloc. These individuals also remain actively involved in Trader Joe's operations. The marketplace was launched in May 2022 and quickly grew, becoming a significant platform on the Avalanche network with over 12,000 users and $3.4 million in secondary sales within its first several months.

The company's development was supported by a $5 million seed funding round completed in June 2022, co-led by the Avalanche Foundation and FTX Ventures. The funds were secured before the subsequent collapse of FTX. This capital was intended to enhance platform capabilities and content creation. The business model centers on facilitating the buying, selling, and minting of NFTs, serving a client base of digital creators and collectors. Revenue is generated through transaction fees on the platform. The platform's architecture is a hybrid of on-chain and off-chain systems, meaning it doesn't hold user funds or NFTs until a transaction is confirmed, with listings and offers stored off-chain as signatures.

Joepegs provides several distinct features for its users. Its 'Launchpeg' function serves as an NFT launchpad supporting various minting methods like Dutch and ascending auctions, flat mints, and whitelists. To enhance the user experience, it offers features such as customizable batch reveals for new collections, rarity score breakdowns, and trait-based filtering. The marketplace also supports artists and creators by offering contract creation services and has an in-house production unit called Joe Studios. Collections on the platform are categorized into tiers such as Unverified, Verified, and Gold to signify authenticity and performance. Initially permissionless, indexing compatible NFT contracts on Avalanche, the platform has since expanded its reach to other blockchains like the BNB Chain and Arbitrum to attract a broader user base.

Keywords: NFT marketplace, Joepegs, Avalanche blockchain, BNB Chain, Cryptofish, 0xMurloc, Trader Joe, digital collectibles, NFT launchpad, Launchpeg, Joe Studios, decentralized exchange, crypto, web3, NFT trading, digital art, secondary sales, minting, collection tiers, artist support, blockchain technology