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CoinMarketCap rival CoinGecko acquires NFT startup Zash

CoinMarketCap rival CoinGecko acquires NFT startup Zash

Major cryptocurrency tracking website CoinGecko has expanded its data offering by acquiring the nonfungible token (NFT) data infrastructure platform Zash.

CoinGecko aims to integrate Zash’s NFT data into its Application Programming Interface (API) by the second quarter of 2024, as announced on Nov. 21. However, the terms of the deal have not been disclosed.

CoinGecko co-founder and chief operating officer Bobby Ong stated, “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.”

In addition, front-end users of CoinGecko’s web and mobile app will have access to on-chain NFT data through the NFT floor price tracker next year.

CoinGecko did not reveal the cost of the Zash acquisition to Cointelegraph. Zash, founded in 2021, operates an enterprise-grade NFT indexer and API, offering users the ability to track NFT data across 87 unique marketplaces, or a total of 102 marketplaces like the major NFT exchange OpenSea.

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

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CoinGecko’s move into the NFT market comes despite a significant decline in the NFT market, with Ong expressing bullishness on the NFT industry despite the ongoing market decline. Ong stated, “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.”

Following Binance’s acquisition of 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.

CoinGecko’s Ong stated in the past, “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.”

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