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An NFT, short for a non-fungible token, represents the ownership that remains with only one person at a time. If the owner decides to trade it in the market, it can change hands. When traded, the ownership is transferred, but the rights may remain with the original owner. The ownership fetches passive income in royalty to the original owner.
Art and collectibles normally form a part of the NFT marketplace, and traders and collectors participate in the purchase process. No matter the intention, both try their hands to secure their favorite piece of digital material.
Background
Chainlink goes by the benchmark in the industry as far as Oracle services are concerned. It allows the users to access its Oracle services. Chainlink also offers these services to power hybrid smart contracts on different blockchain networks.
It secures billions of dollars for major industries like DeFi, gaming, and insurance. Chainlink provides a universal gateway to many global enterprises and data providers to every blockchain network.
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The MonkeyFirm is responsible for developing Token NFTs, also known as TNFTs. These allow users to access OTC block-trading and avoid liquidity drops and varying prices per asset. The MonkeyFirm has emerged as an ideal marketplace for those who look to buy and sell illiquid altcoins without putting a dent in the spot price.
The MonkeyFirm x Chainlink Price Feeds
The ownership of an NFT is managed through uniqueID and metadata. What remains difficult to control and predict is the price of an NFT. Users have reported the issue of being unable to access accurate prices due to high volatility.
To solve this issue, The MonkeyFirm has integrated 40 Chainlink Price Feeds on four of its chains, namely BNB Chin, Ethereum, Polygon, and Fantom mainnet. The integration has given The MonkeyFirm access to high-quality data and the assurance that the OTC trades will remain tamper-proof.
Additionally, The MonkeyFirm has launched Price Band, which enables traders to sell their Tokens at a percentage fixed by them. The freedom ensures that the desired sale price does not go below the present threshold.
Hazel Bouvard, the General Manager of MFRM.io, expressed belief in Token NFT and called it a game-changer. Hazel Bouvard added that the integration of Chainlink enables the team to offer a more robust and feature-rich platform.
The MonkeyFirm has chosen Chainlink because of its seamless infrastructure and time-tested production. So far, Chainlink has maintained security and availability even during flash crashes, exchange downtime, and data manipulation attacks.
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Other features of Chainlink that worked in its favor are High-Quality Data, Secure Node Operators, Decentralized Network, and a Reputation System.
Chainlink Price ensures safety Feeds through independent and security-reviewed oracle nodes operated by leading data providers, DevOps teams, and traditional enterprises. The data is sourced from various premium aggregators to generate more precise global market prices.
