Coinbase Partners with Chainlink Labs to Launch NFT Floor Price Service

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

The partnership will introduce the NFT lowest pricing source in the Coinbase cloud service, allowing developers to access real-time NFT prices to build applications such as NFT lending marketplaces, such as NFT indices.

The floor price of NFT represents the lowest purchase price of NFTs in a collection. Its feed service utilizes Coinbase Cloud's NFT pricing algorithm to scan every NFT transaction in major market collections, estimate the current floor price and update it in real-time as new transactions are recorded.

Chainlink is for solving the Oracle problem within blockchain projects. Chainlink is an external data provider to blockchain projects. There are many cases where the trigger and execution of smart contracts rely on conditions of external data, like climate data. The key is that external data is reliable and tamper-proof. Chainlink manages to provide a standard process and APIs for easy use of external data.

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

"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," said Michael Li, the VP of Data at Coinbase.

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

Today Chainlink, the pioneering oracle service provider in the blockchain industry, has introduced the Chainlink SCALE program to help boost the growth of its ecosystem users.