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NFTBank Launches Chainlink Node To Empower Developers With Individual NFT Data

NFTs are digital items that are non-fungible, which means each possesses its own distinct value. Even NFTs from the same collection vary widely – from hundreds of thousands to several million USD in the case of Bored Ape Yacht Club (BAYC) – based on the rarity of their traits.

The infrastructure connecting NFTs to the growing DeFi ecosystem is still in its early stages of development. For example, there’s high demand for the ability to use NFTs in collateralized lending, but sourcing accurate real-time price data for a growing sea of NFTs is a challenge.

NFTBank is an NFT portfolio management service powered by its own in-house price prediction model that uses historical sales data and NFT metadata to accurately predict the market value of individual NFTs. Recently, NFTBank launched its own Chainlink node to bring its market data for premier collections such as BAYC and CryptoPunks on-chain for smart contract developers creating new use cases in DeFi and other decentralized industries.

“Currently, project floor-based lending or P2P matching services exist in the market, but have clear limitations as values within a collection can widely vary,” said Andy Ahn, Product Researcher at NFTBank. “This is why having a price estimate of each individual NFT can significantly increase asset utilization. For instance, an NFT DAO seeking loans for a rare collection of NFTs as collateral can maximize loan value through accurate collateral appraisal.”

By bringing its NFT data on-chain via Chainlink’s industry leading oracle network – currently securing tens of billions of dollars in smart contracts across multiple top blockchains and layer-2s – Ahn said NFTBank can reach the widest market possible.

“Chainlink integration allows NFTBank data to be utilized by web3 developers in a fully decentralized manner,” he explained. “With the added trustlessness and exposure to the vibrant developer ecosystem, we hope to encourage usage and attract more developers to creatively build on top of our price data.”

According to Ahn, NFTBank’s machine learning-based NFT price estimate models now cover more than 900 projects, making it the market leader in NFT price data. He detailed NFTBank’s roadmap for building data infrastructure that unlocks the full potential of NFTs in the wider DeFi ecosystem.

“We’re able to do this with our ability to crunch and analyze massive amounts of NFT data in a meaningful way,” he said. “We strongly believe that our expertise in this space will turn NFTs into financial building blocks that can bring out innovations from the DeFi community.” 

Ahn attributed the rapid growth of DeFi to Chainlink oracles; likewise, he sees Chainlink facilitating the full utility of NFTs in DeFi and web3.

“Having a reliable and accurate source of data for smart contracts is paramount to the growth of the industry, which Chainlink does best,” he said. We are very excited to be part of the Chainlink ecosystem and look forward to empowering more developers and protocols. Working with Chainlink has been a pleasure and we hope to explore more opportunities to collectively bring additional value to the web3 community.”

To learn more about NFTBank, visit their website, Twitter, and Discord.

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