Smaugs NFT Integrates Chainlink to Secure Pricing of Custom NFTs
We’re excited to announce that Smaugs NFT — a marketplace where you can sell all of your digital assets as NFTs — has integrated Chainlink Price Feeds on the Binance Smart Chain mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, Smaugs NFT has access to high-quality, tamper-proof price feeds needed to price our custom NFTs. Our initial integration involves the use of the BNB-USD Chainlink Price Feed and will provide our users with strong guarantees that the NFTs generated on our platform are created using real-time, accurate, fair market prices.
We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already secures tens of billions of dollars of value across leading DeFi protocols, maintaining robust security guarantees and high availability even during unexpected events such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
Smaugs NFT aims to transform the NFT world by establishing a shared marketplace where you can buy artwork belonging to different projects using those projects’ tokens. In a similar fashion, you can create custom NFTs using various project tokens that we add to our platform. One Smaugs NFT’s key differentiators is that we offer artificial intelligence-assisted systems that make it easier to create your artwork. Unlike other marketplaces, we can provide a much faster, easier, and cheaper NFT token generation service using the Binance Smart Chain.
In order to secure the dynamic price of our NFTs, we needed access to accurate asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments, so we need an additional piece of infrastructure called an oracle to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, ensuring broad market coverage through price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
- Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.
“By combining the power of Chainlink Price Feeds and Smaugs NFT marketplace, we will provide users with accurate pricing data in real-time, enabling better trading and smarter portfolio decisions.”
Emre Ulgac, Founder and CEO of Smaugs NFT.
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
About Smaugs NFT
Smaugs NFT is world’s first AI-powered marketplace where you can sell all of its assets in the digital world. Smaugs marketplace is built on the Binance Smart Chain and supports decentralized finance (DeFi). You can turn your assets in the digital world into NFT tokens using the Smaugs NFT marketplace and earn many different gifts.