Blockchain infrastructure protocol Coinbase Cloud and decentralized Oracle network Chainlink Labs have teamed up to launch an NFT minimum price feed service.

The partnership will introduce the lowest NFT price feed on the Coinbase cloud service, allowing developers to access real-time NFT prices to build applications such as NFT lending markets, such as NFT indices.

The NFT floor price represents the lowest purchase price of NFTs in a collection. Their feed service uses Coinbase Cloud’s NFT pricing algorithm to scan every NFT transaction across the top collections on the market, estimate the current floor price, and update it in real time as new transactions are recorded.

Chainlink is to solve the oracle problem within blockchain projects. Chainlink is a third party data provider for blockchain projects. There are many cases where the triggering and execution of smart contracts depend on external data conditions, such as weather data. The key is that the external data is reliable and tamper-proof. Chainlink manages to provide a standard process and API to facilitate the use of external data.

This feature developed by Chainlink Labs can provide a price reference for staff in today’s turbulent NFT market, allowing developers to understand the price of each NFT collateral.

“We are bridging the gap between transparency and security in the NFT space by bringing reliable and timely sources of on-chain NFT floor prices for major NFT collections to the Web3 world,” said Michael Li, vice president of data at Coinbase. .

The price feed service will initially support several top-tier NFT series such as Bored Ape Yacht Club, CryptoPunks, CloneX, and World of Women.

Today, Chainlink, the blockchain industry’s pioneer Oracle service provider, has introduced the Chainlink SCALE program to help fuel the growth of its ecosystem users.

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