Rand Gallery acquires NFT Explorer to bolster data analysis capacity
It is reported that Rand Gallery, the largest NFT market in the Algorand blockchain, has acquired the data aggregator NFT Explorer (NFTx) to add analysis to it…
It is reported that Rand Gallery, the largest NFT market in the Algorand blockchain, has acquired the data aggregator NFT Explorer (NFTx) to add analysis to its products. According to the official press release, this transaction gives Rand Gallery “a complete vertical NFT stack”, because its goal is to become “the central hub of all NFTs, including music and games”. Last year, Rand Gallery was acquired by a start-up company named Distributed Finance. Rand refused to disclose the terms of the acquisition of NFT Explorer, and pointed out that the amount paid was lower than the transaction amount last year. It added that the company was ending its seed round financing to fund the acquisition.
Algorand NFT Market Rand Gallery acquires data aggregator NFT Explorer
Interpret the above information:
Rand Gallery, the largest non-fungible token (NFT) market in the Algorand blockchain, has announced its acquisition of NFT Explorer, a data aggregator. This strategic move is aimed at fortifying the Rand Gallery’s analytics and data analysis capabilities, as it seeks to become the central hub of all NFTs, including music and games.
According to the official press release, this acquisition will give the Rand Gallery a “complete vertical NFT stack”. By integrating NFT Explorer’s data analytics, Rand Gallery aims to provide more insights and value to its customers, such as tracking market trends, analyzing transaction histories and tracking asset flows across the Algorand blockchain.
This acquisition also builds on Rand Gallery’s existing partnership with NFT Explorer, which began in April 2021. The two companies together launched a tool to enable users to explore the Algorand blockchain and discover collectibles or NFTs. NFT Explorer, on its part, had already built a reputation as a reliable and robust data aggregator in the NFT space, serving as the go-to tool for Algorand-based NFTs.
In light of this new acquisition, it is worth noting that Rand Gallery is not new to mergers and acquisitions. Last year, Distributed Finance, a startup company, acquired the NFT marketplace, including Rand Gallery. While the terms of the recent NFT Explorer acquisition remain undisclosed, Rand Gallery pointed out that the amount paid was lower than its 2020 acquisition. The company indicated that it would end its seed round financing to fund this acquisition.
In conclusion, Rand Gallery’s acquisition of NFT Explorer is necessary to bolster its data analysis and provide more value to its customers. This strategic move will help Rand Gallery to achieve its goal of becoming the central hub of all NFTs in the Algorand blockchain. Additionally, this acquisition points to a growing trend in the NFT space, where companies are seeking to integrate data analytics and other services to provide more value and insights.
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