Chainlink announced this Friday, February 18, through its Twitter account, its integration with the MeDIA eYe NFT portal, to provide a transparent and high-quality user experience.
“MeDIA eYe is pleased to announce that we have integrated Chainlink Price Feeds and plan to integrate Chainlink VRF, allowing us to provide a high-quality and transparent user experience secured by industry-leading decentralized Oracle infrastructure”, he said through an article published on his website.
About MeDIA EYE NFT Portal
It is a Blockchain-as-a-Service (BaaS) platform for NFTs that offers a unique blend of services for creators, businesses, and crypto enthusiasts alike.
According to the company, MeDIA eYe is scheduled to launch a unique and comprehensive set of services within its NFT Marketplace, including MeDIA eYe Hub, Events Gallery, Airdrops with Bounties, Collections, Automated Rewards Pools (across multiple blockchains), NFT Bundling, NFT Cross-Chain Transfer, ETH/BSC/FTM Minting, Cross-Chain Subscriptions, Charity, Millions Pixels Canvas, Artist Royalties and more.
La explained that the MeDIA eYe NFT Portal is designed to create and enhance new and existing use cases for NFTs, including buying, selling, minting, collecting, promoting, branding, and creating value with NFTs. The MeDIA eYe platform is designed to offer a “frictionless” experience to its users by implementing a wide range of multi-chain functionalities as a platform that is fully interoperable with EVM-compliant blockchains.
In his opinion, the Beta release includes support for Fantom, Ethereum and Binance Smart Chain. Further expansion to more blockchains, including Avalanche and others, is expected in 2022. By integrating Chainlink services, we have selected a battle-tested infrastructure that provides secure data and off-chain computing to our users.
Also read: InsurAce announced partnership with LiquidDriver
Price Accuracy for Payments with Chainlink Price Feeds
The company commented that Chainlink’s price feeds are used to help MeDIA eYe set prices for fixed-price listings where sellers can opt to be paid in multiple tokens, while also helping to facilitate various payment methods. By using Chainlink’s price sources, we can calculate and determine the highest bids in NFT auctions using standardized values, while allowing participants to denominate the payment in the currency of their choice.
Similarly, it highlighted that the use of low-quality or centralized feeds for pricing can leave users with exchange rates that are not representative of market rates, providing a poor user experience and leaving room for exploitation. Instead, using Chainlink gives us several key features, such as:
• High-quality data: Data is sourced from numerous premium data aggregators such as BraveNewCoin and Kaiko, leading to volume-adjusted global market prices with strong market coverage.
• Trusted Nodes: Price feeds are protected by a decentralized network of independent, security-reviewed, Sybil-resistant Oracle nodes managed by leading blockchain DevOps teams with a proven track record of hyper-reliability.
• Decentralized infrastructure: Both data delivery and chain transmission are decentralized, eliminating any central point of failure.
• Blockchain agnostic: Chainlink is blockchain agnostic and is already available on Ethereum, BSC, Fantom and more, making it an easy integration with the ability to quickly expand MeDIA eYe to new blockchain environments in the future.