MetaGameHub Will Launch a Chainlink Node to Bring NFT Valuation Data to Blockchains
MetaGameHub is excited to announce that we will launch an official Chainlink node to bring our NFT valuation data on-chain for decentralized applications (dApps). As the industry-leading secure blockchain middleware, Chainlink enables existing APIs to easily become compatible with leading blockchains. The Chainlink node will be the backbone of our new price oracles, enabling us to supply data directly on-chain and sell it to smart contract applications, as well to cryptographically sign our data to prove on-chain that it originated from MetaGameHub.
Through the MetaGameHub oracle, we will provide pricing data on metaverse-related NFTs, starting with Sandbox land titles. Developers can then use our data to build new types of DeFi, NFT, and Gaming applications, such as lending/borrowing protocols with NFTs as collateral, sophisticated on-chain trading strategies based on the baseline price of NFTs, prediction markets set around future NFT values, and trends, and as exchange rates to allow for NFT to be purchased and sold in various cryptocurrencies.
MetaGameHub is a decentralized autonomous governance platform (DAO) for NFTs that aims to democratize access through fractionalization and NFT pools, collaborative on metaverse development, incentivize participation through rewards, and stabilize the ecosystem through pricing oracles built upon a combination of smart contracts, big data, and AI. Ultimately, we hope to help mature the NFT ecosystem and give a wide range of participants exposure to pools of NFTs through increased liquidity, fractionalization, and stable pricing while allowing them to collectively foster the development of the metaverse.
In our mission to make our pricing oracle an industry standard for the NFT economy, we recognized the need for an oracle solution to make our pricing oracle API easily available across leading blockchains. This is important because calculating NFT prices requires off-chain computation in order to be cost-efficient, yet blockchains cannot natively call external APIs — a limitation commonly known as the blockchain oracle problem. Thus, an oracle allows us to create an API for NFT prices off-chain and then bridge the data on-chain.
After looking through various oracle solutions, we chose Chainlink as the industry-leading oracle network, already widely used across the DeFi, NFT, and Blockchain Gaming industries. Some of the key benefits of launching our own Chainlink node include:
- Data Integrity — the MetaGameHub Chainlink node will cryptographically sign all data supplied on-chain to verify its origin, helping prevent man-in-the-middle attacks and increasing its reliability in automated applications.
- Blockchain Agnostic — the MetaGameHub Chainlink node can be made compatible with any blockchain, serving as a single gateway to sell data to any current or future blockchain.
- Widely Adopted — Chainlink is the most widely used oracle network in the blockchain industry, providing access to a vast addressable market of potential data consumers.
- Provably Secure — Chainlink is thoroughly audited open-source software that already helps secure tens of billions of dollars in on-chain value, showcasing its ability to trigger the automation of high-value smart contacts live in production.
“The MetaGameHub Chainlink node serves as the ideal framework to support our NFT price oracles, which will provide dApps and developers with more precise data for pricing NFTs on-chain,” commented Nicolas Weber, Founder of MetaGameHub. “We’re excited to help the NFT space mature by bringing sophisticated pricing data on-chain through Chainlink, opening up new opportunities for DeFi to build new applications specifically around NFTs.”
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.
The MGH DAO strives to foster the convergence of DeFi, NFTs, the metaverse, and AI by combining utility, governance, and data within one holistic ecosystem. Through collaborative curation and fair pricing of NFTs, MGH is bringing more transparency and accessibility to the market by providing critical NFT infrastructure and creating a new layer of digital native value.
Follow our official social media accounts and visit our website to stay up to date with the MetaGameHub DAO.