We are excited to announce that ALL.ART protocol will integrate Chainlink Price Feeds to bring hyper-reliable market data to our metaverse platform VR-All-Art and NFT marketplace SolSea. With this on-chain integration, buyers and sellers on SolSea and VR-All-Art will have globally accurate price information to value NFTs and services in USD based on the real-time SOL/USD exchange rate.
We believe that transparent and reliable information on the exchange rate between currencies is important for ALL.ART’s product offerings and the Solana ecosystem as a whole, since it provides important information necessary to make informed purchasing decisions. We decided to use Chainlink Price Feeds as our exclusive market data solution because Chainlink is well-known as the most time-tested oracle network, already securing $75B+ for decentralized applications across multiple blockchains.
The future of multi-currency trading is an especially important, yet difficult challenge to solve due to rapidly fluctuating exchange rates. NFT marketplaces use expansive datasets around volumes, floor prices, and average sales prices, which further increases the difficulty of accurately pricing NFTs and services. Simply put, having a single currency listing to limit the complexity of fluctuating prices is not a sufficient solution for buyers — which is why we integrated Chainlink to help make tamper-proof multi-currency exchange rates a reality on our platforms.
When we set out to integrate a market data solution, we were looking for the most robust solution that has a proven track record of performance during all adverse market conditions. The only oracle network that fit this description was Chainlink. Thanks to their multiple layers of decentralization, Chainlink Price Feeds will help ensure that SolSea and VR-All-Art reference globally accurate fair-market rates. Some of the other reasons we decided to use Chainlink include:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates more precise global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
- 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 with a strong track record for reliability, even during high gas prices and extreme network congestion.
- 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 the oracle network.
- Transparency — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.
“We are happy to be one of the first NFT marketplaces to integrate Chainlink Price Feeds natively on Solana,” stated Founder of ALL.ART Vitomir Jevremovic. “We look forward to integrating other Chainlink decentralized services as they become available on Solana to bring even more reliability and functionality to our various products.”
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
About ALL.ART Protocol
ALL.ART Protocol defines upgraded NFT standards with embedded license rights and additional metadata crafted per industry needs stored on-chain, solving a major shortcoming of the current concept and opening doors to worldwide NFT adoption within a whole range of industries. We call this standard NFT-PRO.
The core of ALL.ART Protocol is a new NFT infrastructure that supports creator economies and metaverses of the future. Metaverses are coming and NFTs play a key role in the transformation of digital ownership.
Read the ALL.ART Litepaper to learn more about the protocol and the company vision.
Visit VR-All-Art, ALL.ART’s own metaverse of galleries and virtual exhibition spaces.