The crypto exchange Coinbase has partnered with Chainlink Labs, a protocol providing secure and reliable open-source blockchain oracle solution, to launch non-fungible token (NFT) floor pricing feeds on its cloud service arm, Coinbase Cloud.
In a September 28 press release, Coinbase confirmed its successful partnership with Chainlink Labs to launch the NFT Floor Pricing Feeds. The pricing feeds will allow developers to deploy unique smart contracts across DeFi use cases, such as high-quality pricing data and optimal liquidity profiles.
NFT Floor Pricing Feeds Explained
It’s worth noting that the non-fungible tokens have gained mainstream adoption in the past few years, with their combined market capitalization recently surpassing the $2 billion mark. Nonetheless, the infrastructure within the NFT economy has not caught up with rapidly growing demand.
In that context, the growing demand for NFTs requires a solid foundation of robust market data solutions and reliable trust-minimized infrastructure. The newly launched tool offering NFT Floor pricing Feeds is a recent perfect example.
Advantages Of NFT Floor Pricing Feeds
The NFT floor prices are important since they indicate the lowest selling price for digital assets within a collection. The newly launched NFT Floor Pricing Feeds will allow developers to access accurate and real-world data around the price of NFTs, allowing them to deploy new DeFi use cases.
This data is a very important aspect of the growth of the digital artwork economy. While commenting about the crypto development, Michael Li, the VP of Data at Coinbase, remarked:
“We are excited about this partnership 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 Pricing Feeds for the top NFT collections to the Web3 world.”
The NFT Floor Pricing Feeds are supported by Coinbase Cloud’s on-chain aggregation algorithm and Chainlink’s battle-tested oracle infrastructure that help eliminate extreme price outliers, making the feeds resistant to market manipulation.
Developers can use the NFT Floor Pricing Feeds for a wide range of smart contract use cases, which rely on high-quality NFT data, including lending markets, index creation, weighing market-cap indices, and prediction markets.
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