The Chainlink (LINK) developer team announced that they have developed a new algorithm that will detect the floor price of NFTs and enable them to transfer between networks.
According to the content shared from the Chainlink official developer page, the team is trying to set a base price for a new NFTs and oracle presented its algorithm to the community for ensuring inter-process transfer. “NFT Floor Price FeedsThanks to this new service called ”, an NFT collection all data stream real time will be able to work in conjunction with other markets and exchanges.
For example, the use of the data feed by an institution or exchange will enable smart contracts to retrieve the latest pricing data for an asset in a single call. This guide is specifically EVM (Ethereum Virtual Machine) Applies to the use of data streams in chains. NFT Floor Pricing Feeds, Coinbase Cloud‘s aggregation algorithm and Chainlink’s oracle infrastructure elimination of excessive outlier price values It will help and make these feeds resistant to market manipulation.
NFT Floor Pricing Feeds lending and borrowing, on-chain derivatives, dynamic NFTs, gaming guilds, CeFi (Central finance) products can be used for application cases based on high quality NFT data, including prediction markets and more.
This service offered by Chainlink was first azuki, BAIC, CloneX, cool cat etc. It will support 10 series of NFTs based on Ethereum (ETH).