DIA Insights
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DIA Insights

DIA xFloor: Transparent, Customizable NFT Floor Price Oracle

DIA xFloor provides smart contracts with real-time price feeds containing the value of NFT collections, facilitating Web3 builders to easily integrate NFTs into the DeFi ecosystem, enabling capital efficiency and driving mass adoption.

Update June 30, 2022: DIA xFloor gets expanded to support data feeds for NFT Floor Price Volatility, Weekly Drawdown, Moving Average and more . dApps can easily integrate DIA xFloor oracles to build more NFTfi use cases. Check all DIA xFloor data feeds in the DIA Documentation here.

Overview

NFTs have taken the crypto world by storm in 2021, with almost $41 billion spent on NFT marketplaces in the same year. Since then, non-fungible tokens have conquered major digital asset exchanges like Binance and made it to mainstream social media platforms like Twitter or Instagram. Even though this has attracted the interest of a broad user base to the space, there is a barrier to entry for new investors: evaluating an NFT collection’s value.

On one hand, unlike fungible tokens like ETH or BTC, NFTs tend to have lower trading volumes or even none at all, making them highly illiquid assets. On the other hand, as new NFT collections enter the space every day, it’s a resource-intensive task for users to research, compare and evaluate the risk of collections. These two major obstacles result in an unbearable effort for the average user to assign a value to NFT collections, creating a significant entry barrier for investors.

Introducing DIA xFloor: Bridging DeFi & NFTs

DIA xFloor estimates the floor price of NFT collections. An NFT floor price represents the lowest entry price for an NFT within a collection, and it has become one of the most widely used metrics for collectors and investors to help in valuing NFT collections.

Delivered via API or oracle smart contracts, DIA xFloor provides smart contracts with real-time price feeds containing the value of NFT collections. By bringing reliable NFT price information on-chain, DIA xFloor will enable Web3 builders to easily integrate NFTs into the DeFi ecosystem, enable capital efficiency and drive mass adoption. This represents a crucial building block to facilitate NFTfi use cases as it enables NFTs to be leveraged for DeFi applications such as lending and borrowing, staking and swapping, and many more.

Direct and transparent NFT data sourcing

DIA xFloor is capable of determining NFT price by pulling historical sales data directly from the NFT marketplace’s smart contracts on its respective network and applying fully transparent data processing methodologies. By directly listening to the blockchain transaction and fetching data from the origin, DIA xFloor ensures full data accuracy and transparency.

When requested by users, custom filters and price methodologies can also be delivered. DIA applies outlier detection filters for the NFT floor price data and can produce custom price methodologies on demand.

As DIA tracks data from multiple NFT marketplaces including OpenSea, Looksrare or TofuNFT, DIA xFloor currently offers support for almost 20.000 NFT collections.

Learn more about the integrated NFT data sources in the DIA Documentation.

Use case: Zumer Protocol

Zumer Protocol has successfully integrated DIA’s NFT Floor Price oracle services into its testnet environment. The custom NFT floor price oracle will feed the Zumer protocol with accurate and timely NFT price feeds for various collections including Bored Ape Yacht Club, Crypto Punks, Mutant Ape Yacht Club and many more. The oracle will play a critical role in the operations of the liquidity protocol for collateralized lending of NFTs.

SY Chan, Sumeria Labs CEO adds:

“We are thrilled to partner with DIA and incorporate its price oracle into Zumer’s risk model. DIA’s multi-chain NFT oracle solution will be key to driving the growth of NFT financialization. We remain confident in the outlook of the NFT market and are committed to building the infrastructure needed to scale the financial backbone of an Open Metaverse.”

Learn more about the partnership in the official announcement here.

Get Started

Are you a developer interested in building a use case with DIA xFloor?

Test DIA xFloor

Test DIA xFloor in real-time by interacting with the demo oracle, deployed on the Rospten testnet or by interacting with the API calls.

Request custom NFT floor oracle

Get in touch with the DIA BD team to set up a custom NFT floor oracle for your dApp. The oracle will be deployed with tailor-made parameters such as custom methodology and update frequency to best match your needs.

Talk to us on Discord

About DIA

DIA is a multi-chain, end-to-end, open-source data and oracle platform for Web3. The DIA platform enables the crowd-sourcing, validation and sharing of transparent and verified data feeds for asset prices, metaverse data and more. DIA data is simultaneously sourced at a trade level from multiple on-chain and off-chain sources and made available to developers on all relevant layer 1 and layer 2 networks.

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Updates and insights about the developments on DIA — A cross-chain, end-to-end, open-source data and oracle platform for Web3.

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