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.
BlockBar required access to recently updated asset prices that were provided on-chain directly in a manner that was extremely dependable so that it could assist in securing the ETH/USD price conversions that it does. Prices in the fair market for assets should reflect a volume-weighted average of all trading conditions. As a result, it was required to make use of an oracle network in order to retrieve aggregated price data from off-chain sources and then transport it on-chain so that our application could use it.
BlockBar added Chainlink Price Feeds after evaluating numerous oracle solutions since they provide a plethora of essential capabilities, including:
- High-Quality Data — The Chainlink Price Feeds source data from a variety of premium data aggregators, resulting in price data gathered from hundreds of exchanges, weighted by volume, and cleansed of outliers and wash trade. The data aggregation mechanism of Chainlink creates more accurate global market prices that are fundamentally immune to the inaccuracies or manipulations of any single or limited set of exchanges.
- Secure Node Operators — Chainlink Price Feeds are protected by independent, security-reviewed, and Sybil-resistant oracle nodes operated by top blockchain DevOps teams, data providers, and conventional businesses. Even during periods of high gas costs and infrastructural failures, Chainlink nodes have a history of dependability.
- Decentralized Network — Chainlink Price Feeds are decentralized at the levels of the data source, the oracle node, and the oracle network, resulting in powerful safeguards against disruption and manipulation by either the data provider or the oracle network.
- Reputation System — Chainlink offers a sophisticated reputation architecture and set of on-chain monitoring tools that enable users to independently check the past and current operation of node operators as well as oracle networks.
Creating A Secure Marketplace With Top-Notch Services
Chainlink is the industry standard for constructing, gaining access to and selling the oracle services necessary to support hybrid smart contracts on any blockchain. Chainlink oracle networks make it possible for smart contracts to securely connect to any external API and leverage off-chain computations in order to enable feature-rich applications. Chainlink secures tens of billions of dollars across DeFi, insurance, gambling, and other important industries and provides global organizations and premier data suppliers with a gateway to all blockchains.
BlockBar, founded in October 2021, sells NFTs directly from premium wine and liquor brands. Each NFT corresponds to a real bottle that is exclusive to BlockBar and is available for purchase using ETH, credit card, or wire transfer. Owners can resell, collect, give, or “burn” their NFT at any time in return for the physical bottle, which will be transported from the secure facility BlockBar maintains in Singapore. This facility has round-the-clock surveillance, motion sensors, and temperature control.
In essence, BlockBar is democratizing access to premium wines and spirits by making it possible for anybody worldwide to participate. In addition, BlockBar provides bottle owners with storage, insurance, and a marketplace to re-sell the bottles that they have purchased through its platform. BlockBar’s innovative smart contracts guarantee authenticity by tracking each transaction back to the partnered brand. The company’s relationship with leading cyber- and crypto-security organizations ensures that all transactions are secure and transparent.