Major cryptocurrency tracking website CoinGecko is scaling its data offering by acquiring the nonfungible token (NFT) data infrastructure platform Zash.
CoinGecko plans to integrate Zash's NFT data into its Application Programming Interface (API) by the second quarter of 2024, the firm announced on Nov. 21, though the deal terms have not been disclosed.
"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," CoinGecko co-founder and chief operating officer Bobby Ong told Cointelegraph.
According to the exec, front-end users of CoinGecko's web and mobile app will also be able to access the on-chain NFT data through the NFT floor price tracker next year.
CoinGecko didn't disclose the cost of the Zash acquisition to Cointelegraph. Founded in 2021, Zash operates an enterprise-grade NFT indexer and API, allowing users to track NFT data across 87 unique marketplaces — or a total of 102 marketplaces — like the major NFT exchange OpenSea.
"Zash's data also encompasses secondary sales, bundled trades, converts settlement in 12 currencies and encompass ERC-721 and ERC-1155 token standards," Ong noted, adding that Zash's coverage is "over four times more than alternatives."
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CoinGecko's latest move into the NFT market comes despite a significant decline in the NFT market, which is sometimes interpreted as a signal the NFT technology is maturing rather than a sign of distress. CoinGecko is bullish on the NFT industry despite the ongoing market decline, Ong said, stating:
"We hold the vision where any asset that can be tokenized, will be tokenized. 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."
After Binance acquired CoinGecko's major competitor, CoinMarketCap, in 2020, CoinGecko was also open to acquisitions as of July 2022. However, the firm was considering potential acquisitions in the long term rather than in the short term.
"This will be our third crypto winter, and we are focused on improving CoinGecko to prepare for the eventual bull run that will come again," CoinGecko's Ong told Cointelegraph last year.
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Source: Cointelegraph.com
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