What Does CoinGecko’s Zash Acquisition Mean For NFT Market?
CoinGecko and CoinMarketCap are two of the most popular crypto data aggregators. Now, along with crypto data, CoinGecko plans to provide non-fungible token (NFT) data.
Various blockchain ecosystems facilitate NFT collections, especially after the assets’ popularity in 2021-2022. However, very few NFT data providers are well-known among the community members.
CoinGecko Acquired Zash to Offer NFT Data
In a press release shared with BeInCrypto, CoinGecko has announced that it is acquiring NFT data infrastructure and intelligence company Zash. However, the financial terms of the deal are not mentioned in the press release.
Read more: Exploring Collaborations and Partnerships in NFT Marketing.
Parit Patel, the founder and CEO of Zash, said:
“We believe that NFTs will continue to evolve and unlock new use cases globally, creating value for companies and consumers. We foresee our NFT data infrastructure – well-positioned at CoinGecko–playing a pivotal and impactful role in shaping this industry’s future.”
Through this acquisition, CoinGecko aims to provide the following data by the second quarter of 2024:
Indexed NFT data across Ethereum, Polygon, Binance Smart Chain, Bitcoin Ordinals, and Solana
NFT metadata and historical trades
NFT lending data
Wash trading detection for Ethereum
Crunchbase shows that Zash has raised funds from eight investors across two rounds. However, the company has not disclosed the valuations and the amount raised. Its latest funding round was in February 2023.
The development comes at a time when many consider that over 95% of NFTs are worthless. While Bitcoin trades over $35,000, the NFT market still struggles to recover. The screenshot below shows that the NFT volume is far below its peak.
Nonetheless, the NFT volume has started its gradual uptrend since the end of October.
Read more: How To Start NFT Trading: A Step-by-Step Guide
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Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
