Coinbase to Introduce NFT Floor Pricing Feeds.
NFT pricing feeds will be available via Coinbase’s Cloud service, which will allow developers to create NFT lending markets and indexes that are based on real-time NFT prices.
Partnering with Chainlink
“We are excited about this partnership between Coinbase and Chainlink. 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, VP Data, Coinbase.
The NFT floor price represents the lowest purchase price for an NFT within a collection. Developers can create and deploy new DeFi use cases with Chainlink NFT Floor Pricing Feeds by getting accurate, real-time data about NFT pricing.
On the other hand, Chainlink was chosen by Coinbase because Chainlink already has a large selection of enterprise-grade data providers, facilitating the creation of advanced blockchain use cases powered by cryptographic truth by connecting smart contract developers with high-quality datasets and off-chain computation.
In addition, Chainlink network provides many important features such as credential management, blockchain Agnostic, Widely Adopted, and more.
The Way The NFT Floor Pricing Works
Using Coinbase Cloud’s NFT pricing algorithm, NFT Floor Pricing feeds scan all NFT transactions across major marketplaces, eliminate outliers, estimate the current floor price, and update the floor price estimates as new transactions emerge on-chain.
NFT API, which is available for free today from Coinbase Cloud, powers the pricing algorithm.
In addition, this data is fed into a collection of Chainlink Data Feeds tracking the floor prices of the top 10 NFT collections that provides high-quality pricing data combined with optimal liquidity.
There are several collections available in the NFT Floor Pricing Feeds, namely Bored Ape Yacht Club, CryptoPunks, CloneX, World of Women, Doodles, Mutant Ape Yacht Club, Azuki, VeeFriends, CrypToadz, and CoolCats.