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Introducing Hivemind —The Oracle Network for NFTs | by Tom J. Pandolfi

Today Honey Labs is unveiling Hivemind — the first decentralised Oracle Network for NFTs.

Hivemind enables a new wave of developers to build DeFi protocols for NFTs. It is the first infrastructure solution which allows NFT pricing on Layer 2s and Layer 1s such as Polygon, Avalanche, BNB chain, etc.

It is also paving the way for permissionless NFT DeFi, as it can support any ERC-721 collection, not just bluechip NFTs.

Oracles are often the biggest bottleneck developers face for integrating NFTs into DeFi protocols. NFT oracles are usually reserved to Solana and Ethereum as developers miss out on the booming ecosystems of Layer 2s and Layer 1s.

Even on major chains like Ethereum and Solana, most oracle solutions only provide appraisals for “bluechip” NFTs, making it difficult to scale DeFi products, and limiting the size of NFT DeFi

Hivemind is a revolution in NFT pricing, allowing developers to reliably get prices for any collection, on any blockchain.

No more off-chain NFT pricing from marketplace APIs. DeFi applications need robust and transparent on-chain data — which Hivemind can provide.

Whether it’s NFT options, NFT lending, NFT insurance, NFT perpetuals, etc. the pricing of NFTs is usually the foundational infrastructure allowing NFTfi protocols to exist.

Without it, protocols are forced to operate peer to peer or simply can’t be deployed.

By taking care of NFT pricing, we allow DeFi developers to focus on their applications.

As Ethereum continues to grow, and gas fees continue to increase, it becomes more difficult to justify 2–20$ fees to trade NFTs. This stifles NFT trading, and is a barrier to entry for new collections on Ethereum.

As a result, we expect massive growth in the NFT ecosystems of Layer 2s such as Arbitrum and Optimism, or Layer 1s such as Avalanche, Fantom, Canto and BNB chain.

Hivemind is the FIRST on-chain NFT pricing solution for all the blockchains listed above 🔥

If you want to develop NFT DeFi on any of these chains, you can now do so with Hivemind.

This part of the roadmap will depend on Honey DAO governance, Honey Labs will submit a Honey Improvement Proposal for monetisation of Hivemind.

This early beta of Hivemind is being operated by Honey Labs, however Hivemind aims to decentralise, allowing appraisers or APIs to submit their own NFT prices.

The $HONEY token will be at the centre of Hivemind’s monetisation.

Appraisers who submit values to Hivemind may receive $HONEY as payment from the protocols who request these values, and they could enter the oracle network by staking $HONEY.

This creates an additional use case for $HONEY as a Proof-of-Stake token.

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