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

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

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Over the last few years, the crypto market’s explosion has given rise to numerous cryptocurrencies. However, keeping track of the fast-paced growing market has been arduous for investors, which means that making informed investment decisions becomes challenging. 

Nonetheless, market data aggregators with statistics, data, and legitimate listings have made accessing the market and finding genuine projects relatively simpler. 

Data Aggregators Propelling Adoption

Investors looking for an in-depth understanding of the cryptocurrency market and analyzing specific events can find helpful resources on market data aggregators. But metrics linked to cryptocurrencies and blockchain are ever-changing as the digital asset markets continue to expand.

Data highlights that the global cryptocurrency market is expected to reach $2.73 billion in 2025 at a CAGR of 13.8%. This also means that making accurate data accessible to everyone has been challenging for data aggregators. Nonetheless, over the last few years, the growing cryptocurrency market has created some of the top market data aggregators like CoinMarketCap, CoinGecko, and Kaiko. 

Early on, there were only a few web portals with cryptocurrency statistics and data. Now, with more than 10,000 crypto assets worth around $1.74 trillion on March 13, 2022, there’s a plethora of data and analytical websites. Websites like CoinMarketCap (CMC) help guide crypto users, investors, and traders decide their investments through the various insights they offer into each asset. Thus many participants believe that platforms like CMC serve as one of the cornerstones for crypto research.

That said, while crypto data aggregators have found their place in the market, there are hardly any data aggregators for Non Fungible Tokens (NFTs) — the most rapidly emerging sector in crypto —  that could serve the purpose that platforms like CMC do for cryptos. 

Need for NFT Data Aggregators 

Amid the expanding crypto market, data aggregators have played a crucial part. Interestingly, the launch of data aggregators in different sectors has often coincided with a boom in the asset class. 

Over the last year, market participants have increasingly felt the need for a data aggregator in the NFT market space, which saw a massive boom. Increasing use of NFTs in gaming and the Metaverse space has been one of the significant factors behind the market’s revenue growth. The last year alone saw NFT sales volume reaching as high as $24.9 Billion. Thus, in an expanding market like that of NFTs, the need for an NFT data aggregator becomes crucial. 

While solutions for NFT data, metrics, and insights might seem scarce, platforms like LUDO are aiming to be the “Google for NFTs”’ and change the way NFTs markets are perceived. 

Ludo is building a central gateway to a multi-chain web 3.0, which aggregates data from NFTs and Play-to-Earn-based platforms across multiple blockchains. The key contribution of LUDO is to help buyers, sellers, collectors, and analysts easily access the NFT market, while providing fundamental and technical analysis on key indicators, like volume, prices, etc. 

While some of the aforementioned services are also available on Opensea, they are a marketplace and not a data aggregator. On the other hand, LUDO aims to be the world's most reliable aggregator of NFT data. 

LUDO’s effective adoption in the NFT sector could end the fragmentation of blockchains and platforms that have so far negatively affected the user experience of collectors, artists, and gamers. Furthermore, the platform could become the CMC of NFTs, but that is something only time will tell. 

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

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