Over the past several years, non-fungible tokens (NFTs) have become a major component of web3 with popular brands and public figures using NFTs to drive deeper engagement with fans and consumers. As web3’s leading decentralized oracle network, Chainlink is powering the launch of numerous high-profile NFT collections from the likes of Val Kilmer and Lamelo Ball.
Though NFTs run on the same underlying blockchain technology as decentralized finance (DeFi), they have remained relatively siloed from the DeFi economy because of the difficulty obtaining accurate and reliable NFT price data, such as a collection’s floor price.
This week, Chainlink announced that its NFT Floor Price Feeds, created in collaboration with Coinbase Cloud, are now available on the Ethereum mainnet for general access. Since the birth of DeFi, Chainlink Price Feeds have securely enabled over $6.6 trillion in transaction value; now developers will have access to the same high-quality price data for building use cases that bridge the gap between DeFi and NFTs.
By unlocking new hybrid NFT-DeFi use cases such as NFT-backed loans and NFT down payments, Chainlink’s NFT Floor Price Feeds have the potential to increase adoption of both DeFi and NFTs within the web3 sphere.
The first ten NFT collections supported by Chainlink Price Feeds are Azuki Official, Bored Ape Yacht Club, CloneX, Cool Cats, CrypToadz, CryptoPunks, Doodles, Mutant Apes, Vee Friends, and World of Women.
According to Chainlink’s official announcement, “Chainlink NFT Floor Price Feeds combine the inherent security and reliability of decentralized oracle networks and Coinbase Cloud’s world-class pricing methodology to provide developers with the high-quality NFT floor price data they need to build secure NFT finance applications.”
Among the first projects integrating Chainlink NFT Floor Price Feeds are BendDAO, Taker Protocol, ParaSpace, and Cryptex Finance.
In an official statement, Coinbase’s VP of Data, Michael Li, who announced Chainlink NFT Floor Price Feeds during SmartCon 2022, said the collaboration between Coinbase and Chainlink is “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.”