Last December, Chainlink announced the mainnet launch of its first ten NFT Floor Price Feeds, which combine the security and reliability of the industry-standard decentralized oracle network with Coinbase Cloud’s pricing methodology to provide web3 developers with the high-quality data needed to unlock new hybrid NFT-DeFi use cases, such as NFT-backed loans and NFT down payments.
During a panel discussion at SmartCon 2022, Chainlink Labs’ Head of CeFi, Sales and Strategy, William Reilly, explored the future of NFTs in DeFi along with Coinbase’s Product Manager, Ming Jiang, and Joe Sticco, co-founder of Cryptex Finance, one of the first projects to integrate NFT Floor Price Feeds.
“We see Chainlink as a gateway to the DeFi community,” said Jiang, adding that partnering with Chainlink allows Coinbase to support the most possible NFT use cases. He described the collaboration to create NFT Floor Price Feeds as a natural first step in satisfying the need for high-quality NFT data delivered on-chain in a trust-minimized manner.
Reilly explained that by leveraging Coinbase’s “high-powered infrastructure,” Chainlink can create new product offerings that accelerate DeFi’s evolution.
“So now we have a more mature, broader market that’s also healthier because we are introducing a next-level primitive that allows for deeper access to liquidity in a very secure and robust way,” he said.
Cryptex previously integrated Chainlink to accurately price and collateralize its total cryptocurrency market cap token, TCAP. In an interview with Chainlink Today, Sticco said his team’s core mission is to thoughtfully design new trust-minimize DeFi products that people are excited to use.
At SmartCon, Sticco explained how Chainlink’s NFT Floor Price Feeds enable Cryptex’s new NFT index token, which launched earlier this month, to give users exposure to the combined market cap of ten prominent NFT collections without having to directly own any NFTs.
“I think that this partnership with Chainlink and Coinbase in the creation of these on-chain oracles will allow DeFi and specifically Cryptex to do more and have more fun,” Sticco told the SmartCon audience.
In addition to making Coinbase’s NFT floor price algorithm and underlying infrastructure open-source, Jiang said Coinbase is committed to further advancing the intersection of DeFi and NFTs by supporting more NFT collections in the future.
“We want to make sure that everyone can leverage the infrastructure we have built,” he said.
Watch the full panel discussion from SmartCon 2022.