LAND Valuation Oracle
Data is the new oil. For this reason, MGH is setting up the needed infrastructure to fully leverage data generated by its algorithms. The data is mainly offered on decentralized data marketplaces or used to flip LANDs and generate profits for the DAO's treasury. This is all "off-chain" data, simply meaning that smart contracts cannot interact with it. The Chainlink Oracle managed by the MGH DAO makes this possible by bringing valuation data on-chain so that smart contracts can leverage it.
Bringing metaverse related valuations on-chain allows DeFi protocols to develop innovative investment vehicles. One of the low hanging fruits in this space is the colletarization of LANDs using the valuation algorithm as a price reference for lending and borrowing of metaverse assets. Currently, the only measure used by theses protocols is the floor price, making the whole process highly inneficient and unflexible. In future, it will be possible to leverage the valuations and use them as benchmark or underlying for other MetaFi related products such as LAND ETFs, perpetual futures, CDOs and bonds on metaverse related assets.
Follow these steps to request NFT valuation data on-chain via the Chainlink Oracle:
- Write and deploy your Chainlink contract using the network details and example consumer contract below
- Job_Id: "e770f4e4d7974b0c92857674527930fc"
- Gas availavble for response: 500 000
- Rinkeby Testnet:
- Job_Id: "055d534f03fd4005ba60ec3754fe8b77"
- Payment: 0 Link