Blockchain Indexer Zash Partners With Nexo for Development of NFT Valuation Tools
Zash, an enterprise-grade blockchain indexer, has teamed with Nexo, the self-proclaimed most advanced regulated digital assets institution allowing rapid fiat on-ramps for over 40 cryptocurrencies, according to a recent release. This action is part of Nexo’s aim to extract as much liquidity as possible from the digital asset market and extend its offerings.
Nexo will be able to produce new valuation and pricing tools for the NFT market now that Zash has been integrated into its platform. As a consequence, the platform will be able to supply labeled, indexed, and clean NFT data, which will be used to feed the company’s pricing and valuation algorithms and enable it to give a better service overall.
Nexo began its NFT adventure in December 2021, just a year ago, when it launched the NFT Lending Desk and joined this industry for the first time. This was a service that enabled crypto industry participants from all corners to effortlessly unlock immediate liquidity using their NFT holdings. Best of all, customers could do so while using a white glove service that provided a variety of benefits, including specialized account managers, no credit checks, and no pre-mature liquidations.
Since then, the initiative has become the biggest NFT-backed loan provider in the world, with a $3.3 million value. Since then, it has had several substantial offers, the most recent of which was valued $1,3 million and issued against two very rare Mutant Apes.
Since the launch of DeFi in 2020, crypto lending has been a huge portion of the crypto business over the last few years. In less than two years, it grew from a tiny niche product to a full-scale market. While it existed before to 2020, it was the emergence of DeFi that brought it to the attention of the public and legitimized it by putting light on how it operates and why users may trust it.
Then, in early 2021, NFTs exploded, and it wasn’t long until NFT loans enlarged this industry even more. As digital assets of value, NFTs became a viable tool to secure loans, similar to how a renowned piece of art might. With sustained acceptance, the NFT industry is anticipated to surpass $230 billion by 2030 and perhaps surpass that amount in subsequent years.
Kiril Nikolov, director of DeFi strategy at Nexo, emphasized that the NFT lending area must have real-time mark-to-market capabilities. They will make it more accessible and more efficient, and Zash is the ideal option for a supplier of valuation services that can deliver precision, speed, and dependability.