CoinGecko Eyes Data Scaling
CoinGecko, the prominent on-chain tracking firm, is expanding its data capabilities following its acquisition of Zash, a non-fungible token (NFT) data infrastructure platform. According to the company’s announcement, the move aims to integrate Zash’s NFT data into CoinGecko’s robust Application Programming Interface (API) by the second quarter of 2024.
While the financial details of the acquisition remain private, the company is excited about the synergies this partnership will bring to the crypto community. Bobby Ong, co-founder, and chief operating officer of CoinGecko, reveals that API users will benefit from a consolidated crypto data experience, gaining effortless access to fungible and non-fungible token data.
This integration will also provide enhanced insights into the volatile crypto market ecosystem. This innovative project bridges the gap between traditional cryptocurrency metrics and the burgeoning NFT space.
Accessing On-Chain NFT Data
Furthermore, CoinGecko’s executive revealed that users of the platform’s web and mobile apps will soon have direct access to on-chain NFT data via the NFT floor price tracker, which will launch next year. Zash, founded in 2021, operates an enterprise-grade NFT indexer and API services.
The infrastructure allows users to monitor real-time NFT data across a vast network of 87 distinct marketplaces. Zash’s coverage, according to Bobby Ong, extends beyond primary sales, encompassing secondary transactions, bundled trades, and settlements across 12 currencies, and incorporates both ERC-721 and ERC-1155 token standards.
Nonetheless, this strategic integration will transform CoinGecko’s interface by providing a comprehensive NFT floor price tracker and enhancing users’ experience. In addition, it aims to provide direct access to on-chain NFT data to front-end users, aligning with the platform’s commitment to nurturing a more inclusive and informed crypto community.
Taking The Bold Steps
Despite a noticeable slump in the NFT market, CoinGecko is forging ahead, viewing the decline as a maturation phase for NFT technology rather than a sign of distress. This acquisition reflects the firm‘s steadfast optimism and bullish outlook on the NFT industry.
Moreover, CoinGecko’s strategic inroads into the NFT industry occur in a landscape where some see the market’s decline as a sign of technological maturation rather than a cause for concern. Despite the downturn, CoinGecko’s commitment to the virtual collection space shows its belief in the underlying potential and long-term value of NFTs.
In addition, CoinGecko’s strategic moves reflect a broader approach, particularly in the aftermath of Binance’s acquisition of CoinMarketCap in 2020. CoinGecko stated it was open to acquiring its rival as of July 2022 but with a focus on long-term prospects rather than immediate gains.
According to Ong, this will be CoinGecko’s third crypto winter, and the team is working hard to help the company prepare for the market’s next bull run. More importantly, this move reflects CoinGecko’s approach to improving its operational capabilities and services.
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