Analyst and Cryptocurrency Trader Tyler Swope, this week places his bets on ChainLink, as the oracle project is going to cash on the new booming NFT market,
In his latest video on the YouTube channel ChicoCrypto, he tells his viewers of being bullish on Chainlink. As he draws an interesting connection between the platform and NFT’s.
Chainlink had identified the potential hype around NFT’s before anyone else did, they will be the infrastructure to the tokens, it had released a blog post last year about 16 ways to create dynamic NFT’s using Chainlink.
The blogpost defined NFT’s as
“…perpetual smart contracts that use oracles to communicate with and react to external data and systems. The oracle allows the NFT to use external data/systems as a mechanism for minting/burning NFT’s, trading peer-to-peer, and checking state.”
Not just the NFT’s but the Oracle project also has its VRF(Verifiable randomness generator) that is already live and is an addition of value to the ecosystem.
“If you didn’t know, Chainlink has their VRF. Chainlink oracle nodes create a random number which is then imputed into smart contracts and the VRF has been live on the mainnet since October of last year and VRF gives dynamic abilities to NFT’s through randomness”.
Moving further, he discusses a wide range of possibilities for NFT’s, like adding dynamic capabilities to a card by associating real-world events and outcomes to it.
He says the value of an NFT card could depend on the statistical output of the associated player.
In its blog post, Chainlink mentioned using dynamic NFT’s in the identity verification sector, and that could happen too.
“Even more down the rabbit hole, what about authenticity verification even with identity… and Chainlink they speak on identity and say several projects are already working on how to develop digital identities that can interface with many existing applications by doing so users can plug and play it with other applications to keep control of their private data.” Swope says.