NFT Marketplace BlockBar Integrates Chainlink Price Feeds to Streamline NFT Price Conversions

August 26, 2022 World Blockchain

BlockBar, one of the pioneering asset-backed NFT markets for luxury wines and spirits, has implemented Chainlink Price Feeds on Ethereum mainnet. BlockBar is able to provide its customers with access to high-quality, tamper-proof pricing feeds because it has integrated the industry-leading decentralized oracle network. This enables BlockBar’s users to reliably convert NFTs between USD and ETH, which in turn enables BlockBar’s users to put their NFTs for sale in USD. Users of BlockBar will receive increased guarantees as a result of this change that buyers will receive the most recent and correct conversion rate at the time of the purchase, and the experience of onboarding new users will be simplified as a result of this change.

The initial phase of BlockBar’s integration requires the utilization of the following Chainlink Price Feeds: ETH/USD. It chose Chainlink as its primary oracle solution due to its infrastructure’s smooth integration and production-proven reliability. Chainlink currently assists in securing major DeFi protocols accountable for tens of billions of dollars in smart contract value, ensuring strong security and high availability despite unanticipated occurrences such as exchange downtime, flash crashes, and data modification attacks via flash loans.

According to BlockBar Co-founder Samuel Falic, “Chainlink is the industry standard oracle solution, which is why we’re confident that we can rely on Chainlink Price Feeds to deliver accurate, high-quality price data without the risk of service outages, giving high assurances to our customers about the accuracy of our conversion rates.”

A Wide Range Of Optimal Features For NFT Trading
To facilitate the sale of asset-backed NFTs, BlockBar has established direct partnerships with premium wine and alcohol brands such as Johnnie Walker, Patron, and Hennessy. Each NFT is a representation of ownership of a one-of-a-kind physical bottle that is kept in a facility in Singapore that is monitored for temperature and security by BlockBar. Multiple BlockBar NFTs can be sold, traded, or collected by their owners. Additionally, owners can redeem the actual bottle for the digital NFT.

No matter how many times a bottle is resold or exchanged before it reaches the point of redemption, the NFT will always provide proof of authenticity by demonstrating that it originated directly from the brand. This will preclude any possibility of the bottle being a fake. It is also helpful in mitigating the risks that come along with owning a valuable physical object, such as the danger of theft and the risk of damage caused by unsuitable storage conditions.