Chainlink’s latest blog post states that its NFT Floor Price Feeds have been deployed on the Ethereum mainnet and are now accessible to the general public, providing high-quality price data for the NFT economy to enable dApp developers and unleash novel hybrid NFT-DeFi use cases.
Azuki, Bored Ape Yacht Club, CloneX, Cool Cats, CrypToadz, CryptoPunks, Doodles, Mutant Apes, Vee Friends, and World of Women are the first ten NFT collections that are supported by the feeds.
According to Chainlink, these feeds assist to close the innovation gap between decentralized finance and the rapidly expanding non-fiat currency industry and enable a new age of non-fiat currency finance that is powered by Chainlink’s tried-and-true oracle architecture.
Michael Li, Coinbase’s VP Data, said:
“We are excited about this collaboration between Coinbase and Chainlink. We’re bridging the gap between transparency and security in the NFT space by bringing reliable and timely on-chain NFT Floor Price Feeds for the top NFT collections to the Web3 world.”
Chainlink asserts that the NFT Floor Price Feeds offer Web3 developers a safe, dependable, and precise price feed for leading NFT collections, hence releasing the potential for NFTs to become seamlessly integrated inside DeFi protocols.
Due to their non-fungible nature, NFTs make it difficult to provide correct pricing, which in turn poses a systemic risk to the NFT economy as a whole and the platforms on which NFTs are built.
Chainlink NFT Floor Price Feeds overcome these obstacles by providing developers with the high-quality NFT floor price data they need to build secure NFT finance applications, thanks to the combination of the inherent security and reliability of decentralized oracle networks and Coinbase Cloud’s world-class pricing methodology.