Price Indexes for Major NFT Collections
16 June, 2022
2 mins read
The indexes are available via the Chainlink Network
New York, June 16 2022 - The team behind Truflation, the world’s first independent US inflation metric, has released 16 new NFT price indexes for major NFT collections, including BAYC and Ethlizards requested by the Truflation community.
Truflation’s newest indexes were announced at the Consensus 2022 conference in Austin, TX by Truflation Founder Stefan Rust.
“The infrastructure supporting the NFT space is still developing. We are excited to be launching several new NFT oracles supported by Chainlink that help unlock innovative smart contract applications and incorporate high-quality NFT price data into the web3 infrastructure. This will contribute to the adoption and utility of the entire ecosystem,” he said.
The indexes are available via Chainlink oracle network with smart contract endpoints specified on Truflation Github. Each oracle streams the collections’ current mode prices (the most common price per collections of NFTs over the last 7 days), the circulating supply, and the market caps (calculated as mode price * circulating supply) directly to smart contracts and web3 applications.
Truflation also added a unique feature on the Chainlink network that allows users to quickly add custom data streams and personalized indexes to on-chain oracles.
The Role of NFT Indexes
NFTs have gained incredible popularity in the last two years thanks to their unique ability to store and transfer the ownership of digital art, music, collectibles, and more on the blockchain. NFT price indexes aim to facilitate valuation, portfolio tracking, lending and borrowing, and the collateralization of non-fungible tokens (NFTs).
The Top 11 NFT Index
Previously, the team rolled out the Top 11 NFT, which consists of the 11 biggest NFT collections (ERC721) on Ethereum, updated every quarter to include the most popular collections without being affected by temporary outliers.
The oracle streams the price index benchmarked to January 1, 2022, its 24-hour percentage price change, and a 30-day percentage price change.
For Developers, By Developers
The individual NFT collection data supplied using Chainlink oracles are available to blockchain developers for incorporating into novel DeFi and Web3 applications. Initially, the index will be rolled out on the Ethereum mainnet, followed by BNB Chain, Polygon, Solana, Laguna, and other layer-2 solutions.
Truflation takes a developer approach to create more and more real data- and market-driven price indexes and is created for developers by developers.
NFT Price Index Use Cases
Developers can incorporate the NFT price indexes into their apps to help users navigate NFT collections better or develop exciting NFT use cases, such as:
- NFT borrowing and lending platforms
- NFT portfolio management tools
- NFT futures and options markets, etc.
With the emerging dynamic NFT market, NFTs of the future could potentially come with their indexes already incorporated and linked to live oracle data streams to help better track the prices and market caps of the NFT collections.
Truflation is a provider of daily, data-driven, real-market price indexes and other financial data available on-chain to DeFi products and Web3 applications.
Written by Natalia Nowakowska
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