CoinGecko’s Expanding Offer: NFT Data
CoinGecko and CoinMarketCap are leading crypto data aggregators. Traditionally, they focus on crypto data like prices, market caps, trading volumes, and more. Now, CoinGecko is taking a step further by planning to provide non-fungible token (NFT) data.
The popularity of NFTs has skyrocketed, driving various blockchain ecosystems to facilitate NFT collections. However, few NFT data providers are well-known within the crypto community.
CoinGecko Acquired Zash to Offer NFT Data
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CoinGecko has announced that it is acquiring NFT data infrastructure and intelligence company Zash. While the financial terms of the deal are undisclosed, the move underlines CoinGecko’s strategic expansion into the NFT market.
Zash CEO Parit Patel stated that the company believes that its NFT data infrastructure will continue to evolve and unlock new use cases globally, creating value for companies and consumers.
Through this acquisition, CoinGecko aims to provide indexed NFT data across popular blockchain networks like Ethereum, Polygon, Binance Smart Chain, Bitcoin Ordinals, and Solana. Additionally, it plans to offer NFT metadata, historical trades, lending data, and wash trading detection for Ethereum by the second quarter of 2024.
According to Crunchbase, Zash has received funding from a total of eight investors across two funding rounds. However, specific valuations and amounts raised have not been disclosed.
The initiative comes as the NFT market is experiencing volatility, with many considering that over 95% of NFTs are worthless. Despite the market challenges, the NFT volume has started to gradually increase since the end of October.
Hot Take: CoinGecko Diversifying Into NFT Data
CoinGecko’s acquisition of Zash to offer NFT data marks a significant expansion of services, reflecting the growing importance of NFTs in the crypto landscape. As regulation and market dynamics continue to shape the NFT industry, this move positions CoinGecko as a key player in providing essential data and intelligence to support the sector’s evolution.
