FSN and Chainlink partner to increase adoption of NFTs in South Korea

FSN and Chainlink partner to increase adoption of NFTs in South Korea

The FSN company has announced that it is partnering with Chainlink Labs to “accelerate the widespread adoption of NFTs and the NFT ecosystem in South Korea.” 

The partnership announcement states that the collaboration is expected to “boost the adoption of the NFT ecosystem and market,” as well as increase “the transparency and stability of NFT projects” and raise awareness of NFT projects that users can trust.

Chainlink Labs is known for its industry-standard oracle services, which are considered important for the growth of the PFP NFT, NFT gaming, and utility-based NFT sectors. These services allow for a range of novel use cases, including dynamic NFTs and provably random NFT drops and distributions, all dependent on real-world data and off-chain computation.

FSN CEO Lee Sang Seok stated:

“We’re thrilled to enter into a channel partnership with Chainlink Labs. Both FSN and Chainlink Labs are at the forefront of the NFT ecosystem, and we firmly believe Chainlink oracle services are critical to unlocking new forms of NFT utility, garnering user confidence in Web3 projects and enabling NFTs to realize their immense potential.”

FSN is a South Korean digital marketing group that has developed top NFT projects over the past 12 years, including Sunmiya Club, through its subsidiaries Fingerlabs and Fingerverse. The company has recently launched Xclusive, an NFT marketplace, and FAVORLET, an NFT-FIRST wallet, in order to expand the NFT ecosystem overall.

Chainlink Labs, on the other hand, is a provider of secure and reliable open-source blockchain oracle solutions. These solutions enhance smart contracts by connecting them to off-chain data sources and computations, such as asset prices, web APIs, IoT devices, payment systems, and more. The company is dedicated to the development and integration of Chainlink as the standard decentralized oracle framework used by smart contracts on any blockchain.

Last month, Chainlink has launched its NFT floor price feed services on Ethereum’s mainnet. The data feed provides information about the lowest price of an NFT in a collection, similar to how Chainlink’s existing data feeds operate. Currently, the price feeds data is only available for ten NFT blue-chip collections: Azuki, BAYC, CloneX, Cool Cats, CryptoadzNFT, Cryptopunks NFTs, Vee Friends, Doodles, Mutant Apes, and World of Women NFT. These collections have been chosen due to their high liquidity and reliable pricing data across major NFT marketplaces.

The price feeds are made possible through Coinbase Cloud’s aggregation algorithm, which eliminates extreme price outliers to make the feeds manipulation-resistant. Coinbase VP of Data, Michael Li, said of the partnership with Chainlink: “We’re bridging the gap between transparency and security in the NFT space by bringing reliable and timely on-chain NFT Floor Pricing Feeds for the top NFT collections to the Web3 world.”

The launch of the price feed services will allow investors, particularly developers in the NFT space, to use the data feeds to deploy a range of DeFi-like (decentralized finance) solutions that require high-quality NFT data. This includes activities such as taking loans, creating index funds, prediction markets, CeFi (centralized finance) products, gaming guilds, dynamic NFTs, lending and borrowing, and on-chain derivatives. The ten NFT collections are expected to be just the first phase of Chainlink’s integration.

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