According to its recent announcement, Zash, which is an enterprise-grade blockchain indexer, just partnered with Nexo — the self-proclaimed most advanced regulated digital assets institution offering quick fiat on-ramps for over 40 cryptocurrencies. The move comes as part of Nexo’s efforts to extract as much liquidity as possible from the digital asset market and further expand its offering.
Thanks to the fact that Nexo will now integrate Zash into its platform, the company will be able to create new valuation and pricing tools specifically made for the NFT market. As a result, the platform will be able to offer labeled, clean, indexed NFT data, which will then be used to feed its pricing and valuation models and, overall, allow the company to provide a better service.
Nexo started its NFT journey less than a year ago, in December 2021, when it first entered this sector by launching the NFT Lending Desk. This was a service that allowed people from all corners of the crypto industry to use their NFT holdings to easily unlock instant liquidity. Best of all, they could do it while using a white glove service, which offered a number of features, such as dedicated account managers, no credit checks, and no liquidations before maturity.
It has been almost a year since then, and during this time, the project became a provider of the largest NFT-backed loan in the world, worth $3.3 million. Since then, it has had more major offerings like that, with the latest one being worth $1.3 million, and it was issued against two very rare Mutant Apes.
NFT lending on the rise
Over the last several years, since the rise of DeFi in 2020, crypto lending has grown to be a massive part of the crypto industry. It went from a small niche product to a full-scale market in less than two full years. While it existed before 2020 as well, it wasn’t until the rise of DeFi brought it to the attention of people around the world and legitimized it by shedding more light on how it works and why users can trust it.
Then, NFTs blew up in early 2021, and it wasn’t long before NFT lending further expanded this market. As digital assets of value, NFTs became a good way to provide collateral for loans, not unlike a recognized work of art would. With the continued adoption, the NFT market is expected to go beyond $230 billion by 2030 and possibly go beyond that in years to follow.
Nexo’s head of DeFi strategy, Kiril Nikolov, stated that it is crucial for the NFT lending space to have real-time mark-to-market capabilities. They will make it more accessible, as well as more efficient, and Zash is the perfect choice for a valuation provider that can offer accuracy, speed, and reliability.
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