Coinbase and Chainlink have developed a feed that would constantly indicate NFT floor prices to help developers make informed decisions.
Размјена криптокутности Цоинбасе is collaborating with Chainlink Labs to introduce feeds displaying NFT floor prices via its Cloud service. An NFT floor price is the lowest acquisition price for an NFT у збирци.
The NFT floor pricing feeds would allow developers to access real-time NFT prices. This would help developers to create new Decentralized Finance (дефи) applications like NFT indexes and lending markets. Also, the NFT floor pricing feeds would allow developers to know the exact worth of lending collateral. Furthermore, the feeds will help to provide price security in these lending markets since some NFT lending services have suffered terribly due to the recent extremely high volatility in crypto prices.
NFT Market Faces Liquidation Fear as BAYC Hits Lowest Figure in Close to a Year
Прошлог месеца, Цоинспеакер пријавио the floor price of the Bored Ape Yacht Club (BAYC) NFT collection dropped to its lowest since the beginning of 2022. With a market capitalization of 656,800 ETH, BAYC is one of the most popular NFT collections. However, the BAYC NFTs recorded a floor price of 65.68 ETH, the weakest in the last eight months. CryptoPunks, BAYC’s closest competitor with a 655,000 ETH market capitalization, recorded a 65.5 ETH floor price.
The possible liquidations on the peer-to-peer platform BenDAO may be responsible for the recent decline in the floor price of the BAYC. BenDAO lets users buy ETH in exchange for NFTs by accessing loans worth about 40% of the floor price of NFTs. If the floor price of an NFT drops to a point where the “loan health factor” is below 1, BenDAO will do a 48-hour auction. The platform would then sell the NFT to the highest bidder if the loan remains unpaid.
The loan health factor is a numeric representation of the safety of deposited NFTs measured against the borrowed ETH and its underlying value. At the time of the CoinSpeaker report, 72 BAYC NFTs were in the danger zone of the BenDAO platform. The danger zone implies that the health factor has dropped below 1.2. Also, the danger zone indicates that the NFT has a significant risk of a drop in floor price, which can lead to liquidation.
The NFT market is in serious turmoil as the broader crypto market faces intense selling pressure. BenDAO stated in its FAQ that the short-term instability in NFT prices is normal.
Coinbase and Chainlink Capitalizing on Each Other’s Strength to Deliver NFT Floor Prices
Chainlink Labs is leveraging Coinbase Cloud’s NFT pricing algorithm to scan every NFT transaction in a collection across major marketplaces. The VP of Data at Coinbase Michael Li изјавио:
“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 would monitor the most popular blue chip NFT collections, such as BAYC, CryptoPunks, and CloneX. Coinbase’s partnership with Chainlink Labs to develop this feature underlines a recent коментар by Coinbase CEO Бриан Армстронг. Armstrong reckons that Coinbase’s public listing last year has made it easier for the company to broker deals with others.
Толу је ентузијаста криптовалуте и блоцкцхаина са седиштем у Лагосу. Воли да демистифицира крипто приче на голе основе, тако да било ко било где може да разуме без превише позадинског знања.
Кад није у врату у крипто причама, Толу ужива у музици, воли да пева и страствени је љубитељ филмова.
Source: https://www.coinspeaker.com/coinbase-cloud-chainlink-nft-prices/