Micro3 uses Chainlink Price Feeds for NFT Accuracy
Micro3, a noteworthy advancement in the realm of SocialFi Mint-to-Earn (M2E), has revealed its intention to implement appropriate protocols to ensure the integrity and trustworthiness of its NFT pricing. Micro3 has successfully integrated the Chainlink Price Feeds into their system, which is the preeminent decentralized oracle network in the industry. As a result, its consumers receive high-quality, unchanging data for NFTs across many blockchains. The purpose of providing rates that are not only precise but also sourced from reputable peer-to-peer organizations is to bolster user confidence.
Real-time price aggregation derived from reputable trading platforms is indisputable within digital assets, where values are denominated in volatile and unreliable cryptocurrencies like BNB and ETH. The depiction of equitable asset prices on the market is a critical requirement that plays a pivotal role in upholding the integrity and trustworthiness of the entire system.
The dependability of price data is a fundamental requirement for DeFi systems; therefore, platforms designed for market prediction, derivatives trading, and money lending must incorporate it. This is not only for the benefit of users, but also to facilitate the proper operation of decentralized applications. In contrast to fungible tokens, whose prices are determined by their analogs, the precise valuation of non-fungible tokens (NFTs) that possess unique values becomes even more intricate. The introduction of any form of price manipulation or error has the potential to cause significant disruptions to the overall market performance of NFTs.
Micro3 possesses Chainlink NFT Floor Price Feeds, which utilize the sophisticated pricing solutions of Coinbase Cloud and are founded on decentralized oracle networks. In an effort to ensure the integrity of the data, Chainlink aggregates price information from leading NFT marketplaces while excluding anomalous data. The percentile adaptive prediction algorithm of Cloud Coinbase introduces complexity to the data, resulting in a substantial floor price. The price data obtained from meticulously chosen sources is transmitted in a secure manner to smart contracts through Chainlink’s decentralized network, thereby upholding stringent standards of security and dependability.
The collaboration with Chainlink Price Feeds is of utmost importance as it provides the foundation for dependable NFT pricing in the Micro3 ecosystem. This enhances the transparency and trustworthiness of the platform by instilling users with confidence and assurance regarding the precision of the prices that are presented.
Additionally, Micro3’s infrastructure facilitates the initiation of NFTs for creators and projects, streamlining the process and allowing the company to expand its service offering by concentrating on NFT Infrastructure As-A-Service. This not only enhances participation and accessibility but also fosters an atmosphere of inclusiveness within the decentralized movement, a defining characteristic of the democratization of digital asset valuations and creation.
