Leading cryptocurrency tracking website CoinGecko is digging deeper into the non-fungible token (NFT) space with its acquisition of NFT data infrastructure platform Zash.
CoinGecko’s official announcement, made on 21 November, said: “We believe that NFTs will continue to unlock new opportunities globally. Acquiring Zash will allow us to supply you with fungible & non-fungible token data seamlessly, in one integrated offering. We’re committed to delivering reliable & comprehensive crypto data, to you.”
The plan is to integrate Zash’s NFT data into CoinGecko’s Application Programming Interface (API) by the second quarter of 2024. Users can expect new endpoints covering enterprise-grade, indexed NFT data across 87 unique marketplaces, NFT metadata & historical trades and its lending data, wash trading detection, amongst other things.
Its co-founder and chief operating officer, Bobby Ong, commented on the development saying: “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.”
The on-chain NFT data which will be made available through the NFT floor price tracker will also be accessible to front-end users of CoinGecko’s web and mobile app. While other terms of the deal have not been disclosed yet, the move will help the tracking website compete with its rival CoinMarketCap, which was acquired by Binance in 2020.
Zash, on the other hand, was founded in 2021 and operates as an enterprise-grade NFT indexer and API. It allows users to track NFT data across a total of 102 marketplaces.
In a blog that was published on 22 November, Zash team said that CoinGecko aligned perfectly with its “mission and ethos, whilst acknowledging the responsibility of ensuring accurate and trusted data is accessible to all”.
Its CEO and co-founder, TM Lee, commented on the acquisition saying: “After evaluating all existing NFT data providers in the space, Zash stands out as unparalleled. Within 3 years, they have built a remarkable product with the most comprehensive NFT data coverage in the market, and commercialised with top tier clients with a lean team. This acquisition aligns with our commitment and dedication to deliver exceptional value to the crypto community, starting with a unified token and NFT market data offering.”
The move comes on the back of a significant meltdown in the NFT marketplace in recent months. Reports published in October exposed floor prices dropping below 30 Ether, which is an 83% decline from an all-time high in 2022.
As per the data from Chainalysis, weekly trading volumes between August 2021 and April 2022 often reached between $750 million and $1.5 billion. However, now the average price of token sales has dropped a marked 92% between 2022 and 2023, from $3,894 to $293. Nevertheless, Ong continued to remain bullish on the NFT industry despite the ongoing market decline, as he said:
“We hold the vision where any asset that can be tokenised, will be tokenised. We believe that NFTs will continue to innovate beyond PFPs, GameFi and unlock new opportunities and use cases worldwide. For that reason, we’re optimistic about the NFT market’s resurgence.”
