CoinGecko acquires NFT data infrastructure provider Zash
CoinGecko has acquired the NFT data infrastructure platform Zash as the firm remains bullish about the NFT market. The move underscores CoinGecko's confidence in the NFT market, and while specific deal terms remain undisclosed, the major cryptocurrency tracking website is poised to integrate Zash's NFT data into its Application Programming Interface (API) by the second quarter of 2024.
By incorporating Zash's capabilities, CoinGecko aims to provide a comprehensive crypto data experience for API users, seamlessly combining information on both fungible and non-fungible tokens. This integration is expected to offer enriched market insights, solidifying CoinGecko's position as a go-to resource for cryptocurrency enthusiasts.
Additionally, CoinGecko plans to extend the benefits of the Zash acquisition to front-end users of its web and mobile applications. In the coming year, these users will gain access to on-chain NFT data through a dedicated NFT floor price tracker, further enhancing their ability to navigate and analyze the dynamic NFT landscape.
Zash, founded in 2021, operates as an enterprise-grade NFT indexer and API, boasting coverage across 87 unique marketplaces, including major platforms like OpenSea. The breadth of Zash's data encompasses secondary sales, bundled trades, settlement in 12 currencies, and compatibility with both ERC-721 and ERC-1155 token standards. Notably, Zash's coverage surpasses alternatives by over four times, adding substantial depth to CoinGecko's data offerings.
Despite a noticeable downturn in the NFT market, CoinGecko remains optimistic about the industry's future. Bobby Ong, Co-founder and Chief Operating Officer of CoinGecko, emphasized the company's belief in the continuous innovation of NFTs beyond current trends like Profile Picture NFTs (PFPs) and GameFi. CoinGecko views the NFT market's current phase as indicative of maturation rather than distress, anticipating a resurgence with new opportunities and use cases.
This strategic move by CoinGecko aligns with its commitment to improvement, especially following Binance's acquisition of its major competitor, CoinMarketCap, in 2020. CoinGecko's openness to acquisitions, as highlighted in July 2022, reflects a long-term vision and preparation for future market dynamics, demonstrating a strategic focus on enhancing its capabilities for the inevitable resurgence in the crypto market.
