Importance of Crypto Data Aggregators and Why We Need a Multichain CoinMarketCap for NFTs?

Many cryptocurrencies have emerged over the past few years as a result of the explosion in the crypto market. Investors have found it difficult to keep up with the rapid-growing market, making it difficult to make informed investments decisions.

Market data aggregators, which provide statistics, data and legitimate listings, have made it easier to access the market and find genuine projects.

Data Aggregators Propelling Adoption

Market data aggregators can provide valuable resources for investors looking to gain a deeper understanding of the cryptocurrency market as well as analyzing specific events. However, metrics related to blockchain and cryptocurrencies are constantly changing as digital asset markets expand.

Data shows that the global cryptocurrency market will reach $2.73 Billion in 2025, at a CAGR 13.8%. Data aggregators have struggled to make accurate data available to all users. However, some of the most prominent market data aggregators, such as CoinMarketCap and CoinGecko, have emerged from the cryptocurrency market over the past few years.

There were very few websites that provided cryptocurrency statistics and data in the beginning. With more than 10,000 cryptocurrency assets valued at $1.74 trillion as of March 13, 2022 there are many data and analytical websites. CoinMarketCap (CMC), a website that provides insight into every asset, helps investors and traders make informed decisions about their investments. Many participants consider platforms such as CMC to be a cornerstone of crypto research.

However, crypto data aggregators are well-established and have found their niche in the crypto market. However, there are very few data aggregators for non-fungible tokens (NFTs), which is the fastest growing sector in crypto, that could fulfill the same purpose as platforms like CMC.

Need for NFT Data Aggregators

Data aggregators are a key part of the growing crypto market. It is interesting that the boom in asset classes has coincided with the launch of data aggregaters in different sectors.

Market participants felt increasingly the need for data aggregators in the NFT market space over the past year. This led to a huge boom. The market’s significant revenue growth has been due to the increasing use of NFTs within gaming and in the Metaverse. NFT sales volume reached $24.9 billion in the last year. In a market as dynamic as NFTs, it is crucial to have an NFT data aggregator.

Although solutions for NFT data and metrics may seem rare, platforms such as LUDO aim to be the “Google for NFTs”, and transform the perception of NFTs markets.

Ludo is creating a central gateway to multi-chain web 3.0. This aggregates data from multiple blockchains, including Play-to-Earn and NFT-based platforms. LUDO’s key contribution is to make it easier for buyers, sellers and collectors to access the NFT marketplace. It also provides technical and fundamental analysis on key indicators such as volume and prices.

Opensea does offer some of these services, but they are not data aggregators. LUDO, on the other hand, aims to become the most reliable aggregator for NFT data in the world.

LUDO’s adoption in the NFT sector would end fragmentation and platform and blockchain platforms that have negatively affected gamers, collectors, and artists. The platform could also become the CMC for NFTs. But that will only be known in time.

Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.

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https://cryptodaily.co.uk/2022/04/importance-of-crypto-data-aggregators-and-why-we-need-a-multichain-coinmarketcap-for-nfts