The JPEG’d protocol has a primitive, non-fungible debt position (NFDP), which operates similarly to other NFT lending protocols. Select collections are addedbased on their liquidity and market capitalization. Users deposit their NFT intoa smart contract to mint a synthetic stablecoin, $PUSD. The user can use thatstablecoin for other opportunities while their NFT remains on the platform.Users are permitted to take out a debt position as large as 32% of thecollateral value.