Zash, an enterprise-grade blockchain indexer, has announced a partnership with Nexo. As part of the partnership, Nexo will integrate Zash into its platform in order to develop new valuation and pricing tools for NFTs.
The integration is part of Nexo’s broader push to extract more liquidity from the crypto market and expand its offering. In December 2021, Nexo entered the non-fungibles space with the launch of its NFT Lending Desk.
The service enabled users to unlock instant liquidity from their NFT holdings through a white glove service that offered dedicated account managers, no liquidations before maturity, and no credit checks. Nexo has since provided the world’s largest NFT-backed loan worth $3.3 million. Its latest NFT-backed worth $1.3 million was issued against two rare Mutant Apes.
Cryptocurrency lending has become commonplace in the past few years, growing from a niche product to a full-grown market. The onset of NFT lending has further expanded the market, with the continued adoption of NFTs expected to grow the market to over $230 billion by 2030.
Kiril Nikolov, the head of DeFi strategy at Nexo, said that having real-time mark-to-market capabilities are crucial to making the NFT lending space more efficient and accessible. Zash presented itself as a perfect choice for a valuation provider due to its speed, accuracy, and reliability.
“The financialization of NFTs is inevitable as NFT holders seek to unlock liquidity in these challenging markets,” said Parit Patel, the CEO and co-founder at Zash. “The NFT and DeFi markets continue to become further untwined and we’re thrilled to be working with an established brand in cryptocurrency lending in its efforts to expand its capabilities in NFT pricing, valuation, and lending.”
In the coming months, the Zash team will be working with Nexo to provide clean, labeled, and indexed NFT data to feed its valuation and pricing models. The company said that it was currently “in conversation” with other major exchanges, marketplaces, and lenders to further extend the reach of its data product offering. As its product continues to grow and the NFT space continues to diversify, Zash will also be expanding to new chains.
Credit: Source link