During the bad market, Chainlink, a blockchain oracle provider, has been hard at work. However, its original LINK asset has failed to maintain a critical price level.
Chainlink, the main provider of blockchain data oracles, has delved into dynamic NFTs (nonfungible tokens). It believes they will be the next step in token technology, similar to how the internet progressed from static sites.
A dynamic NFT (dNFT) is an NFT that has encoded smart contract logic. This also allows it to autonomously alter its metadata dependent on external situations.
Static NFTs, which account for the vast bulk of those in circulation today, have fixed information once produced. Dynamic NFTs with dynamic information can be used to tokenize real-world assets, such as game goods.
Chainlink aspires to be the leading supplier of off-chain data and compute services that can be utilized to trigger dNFT upgrades.
“As the dNFT ecosystem grows and NFTs become more connected to the real world, Chainlink acts as a bridge between the two separate worlds, making it possible to build automated, decentralized, and interesting dNFT processes.”
The network also wants to become the DeFi ecosystem’s main source of data feeds. The network also wants to become the DeFi ecosystem’s main source of data feeds. Furthermore, as mentioned in a tweet on Jan. 30, Chainlink pricing feeds provide various advantages.
They feature numerous decentralization levels, hyper-reliable node operators, and a multi-layered defense-in-depth strategy. They also have a blockchain-agnostic design, a scalability model, and long-term sustainability.
Despite the downturn in the market, the storylines and emotions for Chainlink remain strong. Sergey Nazarov, the co-founder, stated last week:
“I see Chainlink going far beyond data, into key off-chain computations and any/all cross-chain interactions. Value capture and adapting to top user needs are also key goals.”
Token holders, on the other hand, may have to wait a bit longer before there is any meaningful market movement with LINK.
LINK prices fell below the key $7 mark in the early hours of January 31.
LINK was trading at $6.97 at the time of publication, down 5.2% on the day as markets retreated.
LINK had recently risen from $6.83 to around $7 at the time of writing. It has gained 25% in the last month, but the rise looks to be winding down. LINK is still down 87% from its high price of $52.70 in May 2021.
