Lendroid announced a new partnership with Chainlink to use its decentralized oracles. Chainlink oracles will provide real-world data to Lendroid that will have a direct impact on the NFTs.
“These new ‘dynamic NFTs’ are able to be programmed in unique ways such as NFTs that can be lent out for specific time periods, NFTs that can alter their appearance and behavior based on real-time conditions and entirely new DeFi products supported by NFTs,” according to Lendroid.
The new partnership with Chainlink will offer multiple options for Lendroid to improve products. Chainlink’s oracles will provide access to off-chain data and include some extra features like accessing data behind a paywall. Chainlink’s decentralized network infrastructure assures Lendroid and its customers that data will be delivered on time and secured.
Lendroid has many plans for NFT offerings that will have a more straightforward process using Chainlink’s oracles. Rightsharing is a new concept from Lendroid that focuses on the idea of decentralized lending using NFTs.
“Rightsharing allows users to loan out their NFTs for any defined period of time while the smart contract automates rent payments from the borrower to the owner based on predetermined conditions,” according to Lendroid. Chainlink can be a helpful tool here by providing Alarm Clock API to keep track of time and automate payments.
Another critical use case for Chainlink oracle in the Lendroid ecosystem focuses on tokenizing specific aspects of NFTs, called layers. The layers take impact from external data sources, and Chainlink will offer secure data for them. Lendroid is also developing a platform to integrate the DeFi and NFT products, called Financial Heartbeat. This platform will also leverage the Chainlink offerings to provide reliable solutions.
Lendroid Founder and Lead Architect Vignesh Sundaresan said:
“Chainlink’s capabilities are allowing Lendroid to greatly expand our ability to innovate in the NFT space, driving many of our new features like layering, NFT rentals, and the protocol heartbeat. By being able to combine the on-chain and off-chain worlds, we can take the power of NFTs and start to interface it with the real world, greatly enhancing our chance to reach mass adoption.”
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