CoinGecko Eyes Expansion with Acquisition of NFT Data Infrastructure Platform, Zash
Summary:
Crypto tracking site CoinGecko is set to expand its data services through the acquisition of nonfungible token (NFT) data infrastructure platform, Zash. The integration is planned for Q2 2024 and targeted to enhance unified crypto data offerings. Zash's data services span across 87 unique marketplaces, secondary sales, bundled trades, and multiple token standards. The deal comes amid a slump in the NFT market, but CoinGecko remains optimistic about the prospects for the NFT industry.
Renowned cryptocurrency monitoring site, CoinGecko, is set to expand its data services through the purchase of Zash, a platform for nonfungible token (NFT) data infrastructure. Announced on Nov. 21, CoinGecko intends to incorporate Zash's NFT data into its own API by the Q2 of 2024, although the specifics of the agreement remain undisclosed. Bobby Ong, co-founder and Chief Operating Officer of CoinGecko, shared with Cointelegraph that API users will benefit from a combined crypto data service enabling easy access to both fungible and nonfungible token data along with enhanced crypto market understandings.
On top of that, Ong revealed that CoinGecko's web and mobile app users at the front-end will gain accessibility to the on-chain NFT information via the NFT floor cost tracker next year. However, the purchasing price of Zash by CoinGecko has not been revealed. Established in 2021, Zash is an enterprise-tier NFT indexer and API that enables users to monitor NFT data across 87 individual marketplaces, totaling 102 marketplaces, including large NFT exchange OpenSea.
"Zash also comprises secondary sales and bundled trades data, allows the settlement in 12 different currencies, and covers both ERC-721 and ERC-1155 token standards," Ong stated, noting that Zash’s data coverage surpasses competitors fourfold. CoinGecko's foray into the NFT market comes despite a substantial downturn, often interpreted as a growth sign rather than a distress signal. CoinGecko remains positive on the future of the NFT industry, as per Ong, who said, "We envisage a future where every asset that can be tokenized, will be tokenized, NFTs will drive innovation beyond GameFi and Profile Pic projects, and open up opportunities worldwide. Hence, we remain hopeful for the revival of the NFT market."
Since Binance's acquisition of CoinGecko's chief competitor, CoinMarketCap, in 2020, CoinGecko has been receptive to acquisitions since July 2022. However, CoinGecko's emphasis is on possible long-term acquisitions rather than immediate ones. "We're experiencing our third crypto winter and our focus is on enhancing CoinGecko in preparation for the anticipated bull market resurgence," CoinGecko's Ong communicated to Cointelegraph last year.
Published At
11/22/2023 11:51:21 AM
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