NFT Tech and Orion Protocol partner to launch the first oracle for NFT assets
NFT Tech and Orion Protocol have formed a strategic partnership to radically improve the state of the NFT market. As it stands, the NFT market is marred with low levels of liquidity and rudimentary valuation methodologies.
The Orion Protocol is the industry leading trading terminal for cryptocurrency market speculators. Orion’s trading infrastructure brings unmatched convenience to traders, enabling them to access crypto assets from various venues within a single interface.
NFT Tech is building the next-generation of NFT marketplace technology. Through this partnership, Orion will provide rich historical and real-time data to NFT Tech, facilitating the development of the first NFT Oracle.
The NFT Oracle will process data from diverse sources to derive pricing for NFT assets. The Orion Protocol will feed information like price history, trading volume, and the time since NFT launch to establish a data-driven valuation model.
In addition to quantitative data, the NFT Oracle will also consider more sentimental and qualitative factors like the background of the NFT creator, their history of creation, and the trading history of the artist. The NFT Oracle will be the industry standard for NFT valuations.
Having sophisticated valuation tools will enable the overall NFT market to evolve into its second major epoch. At present, NFT asset values fluctuate wildly and some are subject to complete loss.
The NFT Oracle will work in conjunction with the NFT Tech Liquidity Engine to provide deeper liquidity and greater efficiency to the NFT marketplace. The NFT Tech Liquidity Engine is a matching engine that can be adopted by any of the disconnected NFT marketplaces.
The NFT Tech Liquidity Engine introduces sophisticated ways for NFT marketplaces to access liquidity. Based on valuations from the NFT Oracle, the NFT Tech Liquidity Engine incentivizes market makers to allocate liquidity towards the lower end of potential NFT values.
Both the NFT Oracle and NFT Tech Liquidity Engine will play a critical role in advancing the NFT marketplace. Through the trusted price feeds provided by Orion protocol, NFT Tech will be able to quickly implement these technologies and alter the market landscape surrounding NFT assets.