Decentralized oracle network Chainlink has been on a tear in 2020 as the decentralized finance arena’s reach, and Chainlink’s reach into DeFi, have grown considerably.
Yet one less-known area where Chainlink is also aptly extending its reach lately is in the nascent blockchain gaming industry, in which the project’s price feeds and randomization tech are starting to really gain traction and show their potential.
Indeed, this summer the Chainlink team’s made it a growing focus to make inroads in the cryptoeconomy’s gaming sector, and they’ve done just that. Here’s how.
Time to Play
Non-fungible tokens, or NFTs, have exploded in popularity over the last two years. One area where these flexible but provably scarce tokens have garnered serious adoption is in gaming, namely the ownership of gaming assets.
Hitherto, NFTs in general have been static and on-chain. But since Chainlink’s decentralized oracles can make smart contracts “smarter” by providing them with off-chain data, Chainlink’s tech paves the way for gaming NFTs to become dynamic and tied to external factors, like a score during a sports game updated to a player’s NFT trading card.
For another example, imagine a game where players have to maintain a specific in-game performance level in order to keep control of a special gaming item. As the Chainlink team explained in a related primer post a few months ago:
“It’s not hard envisioning games where people compete over who can keep hold of the item the longest. Chainlink can be used to retrieve off-chain game performance data and feed it to the smart contract responsible for transferring ownership.”
Beyond being made dynamic, gaming NFTs can also greatly benefit from Chainlink’s bread and butter: price feeds. These gaming assets and the assets around them, like ETH, have exchange rates, and accurate rates are needed to power an effective in-game economies. That’s where Chainlink’s price feeds can offer a plug-and-go solution for…