OVO NFT Platform is Integrating Chainlink Price Feeds to Help Secure Price Accuracy on Marketplace
We’re excited to announce that OVO — The biggest web3 NFT platform in Japan — has integrated Chainlink Price Feeds on BNB mainnet. By integrating the industry-leading decentralized oracle network, OVO has access to high-quality, tamper-proof price feeds needed to use web3 to get price data from aggregatorV3InterfaceABI. This will provide our users with stronger assurances that they can get accurate information about the price as pairs on the Marketplace.
Our initial integration involves the use of the following Chainlink Price Feeds: BNB/BUSD. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
OVO (ovo.space) is the №1 web3 NFT issuance platform in Japan which issues holographic AR-NFT assets, deployed on the BNB, FLOW and ETH.
Based on DCIM (Dual Copyright Inspection Mechanism) pioneered by OVO, we provide a one-stop solution for NFT issuance such as issuance-circulation-application for contents, and imports NFT into web3.0 and Metaverse. The platform includes issuance, Mystery Box, MarketPlace, Auction, Fusion, Genesis NFT-DAO, Collect to Earn (C2E), NFT-Staking and other functions.
OVO has an amazing record of selling 9,000 Mystery Boxes within 48 hours. At present, the sales of NFT on the OVO platform has exceeded 70,000, and the transfers have exceeded 110,000, becoming a leading platform in web3.
In order to help secure our price accuracy, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
- Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.
In the future, OVO may integrate VRF from Chainlink. Because we believe this powerful tool enables smart contracts to access random values without compromising security or usability.
“Powerful and easy to use, Chainlink empowers smart contracts in a very effective and unique way” –Keen, CTO of OVO
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
About OVO NFT Platform
OVO (ovo.space) is the biggest web3 NFT platform in Japan, providing ecosystem solutions for NFT creators or projects by integrating Maindrop, Mystery Box, Auction, Marketplace, Fusion, Genesis, Picture Book and other functions.