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