According to Zash CEO, Parit Patel, “The financialization of NFTs is inevitable as NFT holders seek to unlock liquidity in these challenging markets.”
The enterprise-grade NFT indexer, Zash, has announced its partnership with Nexo. As part of the partnership, the crypto lending platform, Nexo, will integrate Zash into its protocol. With this, it will be able to develop new valuation and pricing tools for NFT.
This integration is part of Nexo’s strategy to extract more liquidity from the crypto market. The company also hopes to increase its offering.
Earlier in December 2021, Nexo launched into the NFT space with its NFT Lending Desk.
The NFT Lending Desk allowed users to unlock instant liquidity from their holdings. Nexo enabled this through a white glove service offering committed account managers zero liquidation before maturity. It also offered no credit checks.
Since then, Nexo has supplied the world’s largest NFT-backed loan worth $3.3million. The most current one is the NFT-backed loan worth $1.3million. It was issued against two rare Mutant Apes.
Head of DeFi Strategy at Nexo, Kiril Nikolov, stated 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.
Furthermore, Parit Patel, CEO, and co-founder of Zash said,
“The financialization of NFTs is inevitable as NFT holders seek to unlock liquidity in these challenging markets. 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, Zash will be working with Nexo to provide clean, labeled, and indexed NFT data. The company will use these NFT data to feed its valuation and pricing models.
Also, Zash is making plans with some major crypto exchanges, lenders, and marketplaces to increase its data product offering. The company hopes to continue its expansion as it grows and with increased diversification of the NFT space.
