Crypto aggregator CoinGecko acquires NFT startup Zash

s coingecko – static.coingecko.com

Crypto aggregator CoinGecko has acquired Zash, a data infrastructure provider for NFTs. The specific details of the deal were not disclosed.

“Exciting news: We’re proud to announce our acquisition by @CoinGecko! With their near-decade-long legacy in crypto, #CoinGecko aligns with our mission to make trusted NFT data accessible to all,” said Zash in a social media post.

As announced on Wednesday, CoinGecko plans to incorporate the startup’s NFT data into its platform by the second quarter of next year. CoinGecko emphasized that acquiring Zash aligns with its goal of offering precise cryptocurrency data to the community. Adding Zash’s NFT statistics will further strengthen CoinGecko as the ultimate destination for cryptocurrency enthusiasts.

After the new service is launched, users can access data from different blockchain networks like Ethereum, Polygon, BNB Chain, Bitcoin Ordinals and Solana. Users will also be able to gather NFT loan data from multiple marketplaces, such as Blend, X2Y2 and NFTfi, along with metadata.

“API users will be able to enjoy a unified crypto data offering, where they can access fungible and nonfungible token data seamlessly and enjoy enriched crypto market insights,” said CoinGecko co-founder and COO Bobby Ong.

Ong said users would have access to on-chain NFT data via the NFT floor price tracker starting next year.

“Zash’s data also encompasses secondary sales, bundled trades, converts settlement in 12 currencies and encompass ERC-721 and ERC-1155 token standards,” Ong said. He also emphasized that Zash’s coverage is “over four times more than alternatives.”

Zash, a data infrastructure platform focusing on NFTs

Zash changed from making social investing software backed by genuine on-chain and broker data to focusing on NFT data because there was a lack of reliable and accurate blockchain data, particularly for NFTs.

Currently, Zash provides NFT statistics across 87 diverse blockchains, like Ethereum, Polygon, Solana and Bitcoin Ordinals.

Prior to the acquisition, Zash had run in a pre-seed funding round in February, securing investments from firms like Cogitent Ventures and WWVentures.

“We’re thrilled to complete the sale to CoinGecko – we can think of no better home to preserve the legacy of what we’ve built, than the outstanding brand CoinGecko has developed in the cryptocurrency space,” Zash founder and CEO Parit Patel said.

NFT market decline signals real-world utilization, executive says

Web3 executives believe that the recent significant drops in NFT prices signal technology maturation into real-world use.

Yemel Jardi, the executive director of the Decentraland Foundation, said, “As people become more educated about NFTs, their use cases and their utilities, the market will stabilize and the focus will shift from speculative trading to genuine utility and innovation.”

Jardi emphasized that markets follow cycles, and it’s normal to experience periods of adaptation.

He linked the decrease in NFT floor prices to “speculative trading” and said the value of NFTs should be based on their usefulness rather than speculation.

Though the NFT market has focused on digital art, Jardi highlighted that nonfungible tokens continue to play a significant role in bridging the digital realm with the real world. They enable unique ownership of tangible assets, offering innovative ways to denote ownership to users.

The current NFT market capitalization is $5 billion, according to Forbes Digital Assets. The leading collections are CryptoPunks and Bored Ape Yacht Club, with market caps of $710 million and $400 million, respectively.