Drops DAO Using Chainlink to Measure NFT Floor Prices
At Drops DAO, we’re constantly thinking of new ways to innovate by accessing the best infrastructure and services in the Web3 industry. That’s why today our team is excited to announce that we’ve decided to get high-quality NFT floor price data through Chainlink.
Through this integration, Drops DAO is enhancing its platform by unlocking new DeFi use cases for various NFT collections.
NFT collections are often measured by floor prices — the lowest price an NFT in any given collection is currently listed at for sale. Drops DAO uses NFT floor prices to help determine the value of assets supplied on our platform. Chainlink oracles will bring in the most up-to-date NFT market data on-chain, enabling Drops DAO to provide accurate and timely floor price information for NFT collections.
The benefit is clear — our smart contracts will be able to continuously maintain up-to-date price data to help power and bring additional utility to our NFTs, such as using NFTs as collateral in loans and staking NFTs to earn yield. With Chainlink, our users get access to tamper-proof and hyper-reliable market data that features multiple layers of aggregation to help eliminate single points of failure.
Darius Kozlovskis, Drops DAO Founder & CEO, said: “Chainlink oracles allow our NFT prices to be more accurate and precise with what’s reflected in the current market, giving our lenders, borrowers, and stakers the ability to securely transact on our platform. We’re all about building reliable decentralized services — so this is a major milestone for us.”
We’re extremely excited about this integration and we will continue to explore integrating other trust-minimized services from Chainlink to enhance the functionality of our platform.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
About Drops DAO
Drops DAO provides loans for NFT and DeFi assets, supplying them with much-needed utility.
The protocol uses lending pools that enable any type of NFT asset to be used as collateral — from collectibles and metaverse items, to financial NFTs. Users can leverage their idle NFTs and DeFi tokens to obtain loans and earn extra yield.