The advent of NFTs—and their recent boom in popularity—has created an entirely new category of digital collectibles, online memorabilia, and on-chain art. Amidst the volatility of NFT values, our team at ZUZ Protocol aims to showcase how an NFT can have verifiable intrinsic value. Aside from building confidence in the value of NFTs, we are demonstrating to the industry through our Zeus NFTs how to establish intrinsic value for NFTs over a period of time .
Chainlink Keepers are a decentralized service that leverages secure off-chain computation to automate the triggering of on-chain functions for smart contracts. In the case of ZUZ Protocol, Chainlink Keepers use our custom NFT price aggregator to determine the price of Zeus NFTs on an ongoing basis and then update those prices on-chain. Our staking reward contract can then reference that price to approximate the ROI on Zeus NFTs as a product of the expected monthly ZUZ airdrop distributions to Zeus NFT holders via our NFT and ERC-20 multisender app.
Chainlink Keepers will determine the aggregated price of Zeus NFTs using the following calculation (example figures given):
- Zeus NFT value = current price of ZUZ x total number of tokens to be received through airdrops
- Total number of tokens receivable = 240,000 total airdrops / 12 months (comes to 20K per month)
- 20,000 tokens / the number of NFT sold (which is currently at 98) comes to 204.018633
- 204.018633 x 10 months = 2040.816 (total number of tokens received by each NFT holder)
- 2040.816 x current ZUZ price ($3) = $6122.44
- Projected 10 month Zeus NFT Value $6367.44 = 2.73 ETH
- If current Zeus NFT Price is 1.75ETH, then 10 Month Appraisal of ROI is 36%
Chainlink Keepers perform these calculations off-chain and then update our reference smart contract on-chain to help display approximate ROI on ZUZ airdrops to Zeus NFT holders. Crypto rewards can also be calculated in other cryptocurrencies by referencing Chainlink Price Feeds for exchange rates.
Some of the unique benefits of integrating Chainlink Keepers over other solutions include:
- High Uptime — Chainlink Keepers are run by the same professional DevOps teams that have an established on-chain performance history of providing high reliability to Chainlink Price Feeds during extreme network congestion and market volatility.
- Low Costs — Chainlink Keepers have several gas-optimizing features that lower the costs of automating maintenance tasks for users, including a rotating node selection process to prevent gas price auction wars and stabilize costs.
- Decentralized Execution — Chainlink leverages a decentralized and transparent pool of Keepers to provide strong guarantees around secure contract automation, saving teams time and mitigating the risks around manual interventions or centralized servers.
- Expandable Computation — Chainlink Keepers perform off-chain computations and generate calldata verifiable by smart contracts, allowing developers to build advanced, trust-minimized dApps at lower costs.
In addition to Chainlink Keepers and Price Feeds, we are also looking into potential ways to leverage Chainlink VRF in the future for randomized giveaways of physical merchandise.
“We selected Chainlink because it provides the most comprehensive suite of decentralized solutions in the blockchain economy,” said Jared Allan, COO of Zero Utility. “Integrating Chainlink Keepers allows us to automate the calculation and updating on Zeus NFT prices, providing our users with assurances that our staking platform is fair, reliable, and accurate.”
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 and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
About ZUZ Protocol
ZUZ Protocol is a dedicated NFT network built with the NFT community in mind. The protocol is focused on bringing efficiency, privacy, and value to the NFT market, helping you create, distribute, and manage NFTs and enable you to send them to multiple users, while also helping reduce transaction fees on the Ethereum and Polygon Network.
ZUZ protocol continues to build tools to expand the usability of NFTs starting with the innovative NFT Forge Immolator which is a universal, dynamic NFT minter designed to help users mint tokens that perform actions based on conditions set by the creator. One popular feature is the ability to have an NFT automatically burn if the holder does not follow a prescribed requirement, such as maintaining a certain token balance.
The protocol also created the first multisend app which offers novel technology that enables an NFT creator to effortlessly send NFTs and other ERC-20 tokens to multiple addresses in one simple transaction, helping to save time and money due to transaction costs. This simplifies the process of conducting NFT airdrops, digital collectible lotteries or community snapshots done to distribute collectibles as a way to reward loyalty.
The team also created Lightning, a Universal Token and NFT Staking platform that can be used by any project. Project owners and individuals can create a staking pool using any ERC20 token and customize which tokens they would like to set as a reward. This platform is in development to also allow NFTs to be staked or time-locked.