Chainlink open NFT price feed oracle to expand DeFi usage

Hull Invest

Oracle provider Chainlink announced In a blog post of December 15th, they said they are now offering the lowest price feed for Ethereum-based non-fungible tokens (NFTs).

Chainlink said the feature will bring “high-quality pricing data to the NFT economy” by providing data to developers and introducing new use cases.

Coinbase Cloud first announced the feature in partnership with Chainlink. September. However, according to Chainlink’s announcement today, the price feed is now available to general users, not those who inquire about the service.

Chainlink’s NFT price feed collects market data from multiple NFT marketplaces, calculates averages via Coinbase Cloud’s data analytics capabilities, and distributes price data to smart contracts and applications via a distributed oracle network. .

The service currently supports 10 NFT collections: Azuki Official, Bored Ape Yacht Club, CloneX, Cool Cats, CryptoToadz, CryptoPunks, Doodles, Mutant Apes, Vee Friends and World of Women.

The most important of these collections are Bored Ape Yacht Club and CryptoPunks, with trading volumes of 443 ETH ($563,000) and 236 ETH ($300,000) respectively over the last 24 hours.

Chainlink noted that DeFi applications often fail to support non-fungible tokens, even though they are built on the same blockchain network as NFT-supported cryptocurrencies. It states that this is due to the “lack of high-quality data on his NFT pricing across the industry.” This issue is explicitly addressed by the company’s new price feed.

Chainlink expects price feeds to be applied to many types of apps, including NFT lending platforms, prediction markets, and derivatives markets. A company statement cited in today’s announcement suggests that multiple blockchain projects are currently using the service, including BendDAO, Taker Protocol, ParaSpace and Cryptex Finance.

Chainklink’s price feed is open to the public, but is intended for developers who create applications and configure smart contracts.

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