HENI Is the First NFT Project to Use Chainlink Oracles for Pricing Damien Hirst’s Art NFTs Across Leading Blockchains
HENI is delighted to be the first NFT project to use Chainlink oracles for pricing Damien Hirst’s NFTs across The Currency collection. HENI is using Chainlink’s industry-leading oracles on Ethereum mainnet to provide up-to-date pricing values for the collection to decentralized finance (DeFi).
Damien Hirst said: “The Currency is a functioning exploration of meaning and value in art, and especially in its use as a means of exchange. I believe 100% in a future where NFTs and DeFi become increasingly interlinked and I’m excited and honoured to be at the forefront of these incredible developments with HENI and the release of The Currency oracle.”
Chainlink oracles bring external sources of data on to blockchains, allowing smart contracts written on blockchains to access necessary data. HENI has created a Chainlink oracle bringing pricing data onto the blockchain so that smart contracts can fetch the current value of The Currency NFTs at any given time. By bridging The Currency Price Index data on-chain, smart contract developers can use the pricing data in multiple ways, such as to build prediction markets around the floor price, launch lending markets with The Currency NFTs as collateral, or facilitate payments based on real-time exchange rates.
Joe Hage, Founder of HENI, said: “Providing clear and detailed market data is an integral part of HENI’s mission and it is particularly important for The Currency project. We have released detailed monthly trading reports since the project’s inception. We believe in transparency and in the importance of having easily accessible information in order for there to be a healthy market. We are excited to be using Chainlink technology on this and hopefully other projects in the future too.”
The Currency, launched in July 2021, is a collection of 10,000 NFTs that correspond to 10,000 unique physical artworks created by Damien Hirst. Each hand-painted artwork features hundreds of similar, yet unique, colorful spots with creative titles generated by applying machine learning to some of the artist’s favorite song lyrics. Collectors are presented with a choice to keep the NFT or exchange it for the physical artwork—if a collector chooses the NFT, the artwork will be destroyed and vice versa. So far 492 NFTs have been burned in exchange for a physical painting. The deadline to decide closes on July 27, 2022.
Damien Hirst’s second NFT collection, Great Expectations, was airdropped to holders of The Currency in November 2021. Great Expectations is based on the artwork that Damien Hirst created for Drake’s album cover, Certified Lover Boy. It was made using dots from The Currency. There was also a free merch giveaway to holders of The Currency in December 2021.
Read more about the project on oracle.heni.com.
Developers can begin building and testing with the HENI Chainlink node by visiting the following documentation.
HENI is a technology company that believes in the importance of art, engaging with all aspects of its creation and distribution to make art accessible to everyone. HENI exists to serve artists, collectors, institutions, and the public, relying on a connection with and commitment to cutting-edge technology across all its platforms to do so. Through its services, HENI helps artists create, present, and deliver art in all its diverse forms as well as assist collectors, institutions and the public in their exploration of art through news, film, NFTs, printmaking, data and market analysis, and publishing. HENI also aims to build a community of people interested in understanding and sharing ideas about art, as well as investing in and supporting companies with similar objectives.
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.