JPEG’d, a novel protocol and lending platform, has integrated Chainlink NFT Floor Pricing Feeds in order to power NFT-backed loans for many famous NFT collections.
Chainlink NFT floor pricing feeds will help JPEG’d to ensure its users that the liquidation and loan amounts will be determined according to highly secure and accurate data.
If you haven’t understood what JPEG’d does until now, it is a lending platform that accepts NFTs as collateral for Collateralized Debt Positions (CDP). When users deposit NFTs, they mint JPEG, their governance token, ultimately unlocking many benefits within the platform.
Related: Coinbase Cloud Partners With Chainlink Labs to Launch NFT Floor Pricing Feeds
Additionally, only some NFT collections can be accepted as collateral. The following ones are the ones taken by JPEG’d:
- Bored Ape Yacht Club
- Bored Ape Mutant Club
- Pudgy Penguins
- Moonbirds (soon)
Chainlink NFT Floor Pricing Feeds
The lowest price of an NFT in a collection is known as the floor price. Sometimes, the floor prices change drastically, and the developers cannot track them in real-time.
Chainlink NFT Floor Pricing Feeds will provide a reliable and accurate solution to developers by providing them with real-world and accurate floor prices. This will open new opportunities for new DeFi use cases in the future.