Nexo integrates enterprise-grade NFT indices Zash
Zash, an enterprise-class NFT indexer, has announced a partnership with Nexo. As part of the partnership, Nexo will integrate Zash into its platform to develop new valuation and pricing tools for NFTs.
The integration is part of Nexo’s broader effort to extract more liquidity from the crypto market and expand its offering. In December 2021, Nexo entered the non-fungible area 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 pre-maturity liquidations and no credit check. Nexo has since provided the world’s largest NFT-backed loan worth $3.3 million. The last NFT backed worth $1.3 million was issued against two rare mutant monkeys.
Cryptocurrency lending has become commonplace in recent years, growing from a niche product to a full-fledged market. The onset of NFT lending has further expanded the market, with continued use of NFTs expected to grow the market to over $230 billion by 2030.
Kiril Nikolov, head of DeFi strategy at Nexo, said that having real-time mark-to-market capabilities is critical 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 funding of NFTs is inevitable as NFT holders seek to unlock liquidity in these challenging markets,” said Parit Patel, CEO and co-founder at Zash. “The NFT and DeFi markets continue to become further intertwined, and we are excited to work with an established brand in cryptocurrency lending in expanding its capabilities in NFT pricing, valuation and lending.”
Over the coming months, the Zash team will work with Nexo to provide clean, tagged and indexed NFT data to feed the value and pricing models. The company said it is currently “in conversation” with other major exchanges, marketplaces and lenders to further expand the reach of its data product offering. As the product continues to grow and the NFT space continues to diversify, Zash will also expand into new chains.
