Run a script when Clipboard is changed

Question

I know that the clipboard is not a function of the Linux kernel but a feature of the desktop. And there is no "location" where the content in the clipboard is saved. Clipboard is saved in RAM.

Is there a way to run a script every time the clipboard is changed? The only way I know is to run a infinite loop, something like this:

while true; do
 var1=$(xclip -selection clipboard -o)
 sleep 0.5
 var2=$(xclip -selection clipboard -o)
 if [ "$var1" != "$var2" ]; then
  make crazy sh*t
 fi
done

Is this the only way?