Micro3, a notable advancement in the realm of SocialFi Mint-to-Earn (M2E), has announced its commitment to implementing robust protocols to ensure the accuracy and reliability of its NFT pricing. Micro3 has successfully integrated Chainlink Price Feeds into its system, leveraging the leading decentralized oracle network in the industry. This integration enables users to access high-quality and immutable data for NFTs across various blockchains, aiming to enhance user confidence by providing precise rates from reputable peer-to-peer organizations.
Real-time price aggregation from reputable trading platforms is essential in the realm of digital assets, especially considering the volatility of cryptocurrencies like BNB and ETH. Ensuring fair asset pricing is crucial for maintaining the integrity and trustworthiness of the entire system.
Reliable price data is a fundamental requirement for DeFi systems, including platforms designed for market prediction, derivatives trading, and money lending. This is essential not only for user benefit but also for the proper functioning of decentralized applications. Precisely valuing non-fungible tokens (NFTs), which have unique values, is particularly complex, and any form of price manipulation or error can significantly disrupt the NFT market.
Micro3 utilizes Chainlink NFT Floor Price Feeds, leveraging the sophisticated pricing solutions of Coinbase Cloud and decentralized oracle networks. To ensure data integrity, Chainlink aggregates price information from leading NFT marketplaces while excluding anomalous data. The percentile adaptive prediction algorithm of Coinbase Cloud adds complexity to the data, resulting in a substantial floor price. The price data from carefully selected sources is securely transmitted to smart contracts through Chainlink’s decentralized network, maintaining high standards of security and reliability.
The collaboration with Chainlink Price Feeds is crucial for ensuring dependable NFT pricing in the Micro3 ecosystem, enhancing platform transparency and trustworthiness by providing users with confidence in the accuracy of presented prices.
Furthermore, Micro3’s infrastructure simplifies the initiation of NFTs for creators and projects, expanding its service offering through NFT Infrastructure As-A-Service. This enhances participation, accessibility, and inclusivity within the decentralized movement, a key aspect of democratizing digital asset valuations and creation.
