Covalent Unleashes New Real-Time APIs to Drill Down into NFT Markets | Covalent
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TLDR;

Covalent Unleashes New Real-Time APIs to Drill Down into NFT Markets

Jan 12, 2022

TLDR;

  • Covalent has introduced 2 new Class A endpoints which provide granular NFT market data for numerous marketplaces across 5 blockchains – Ethereum, Binance Smart Chain, Polygon, Avalanche, and Moonriver.
  • The new endpoints provide both a global view of NFT collections ranked by market cap, as well as a detailed view of historical sale and floor price information for a particular collection.
  • Thus far, it’s been hard to understand markets outside of Ethereum/OpenSea. These APIs addresses this gap by providing unprecedented access to this much requested on-chain data.

Video FAQ from the Builders

In case you’d prefer to watch the update on 2x, here’s a video version 😉

Background - What is NFT Market Data?

Covalent has long been a leader in the NFT API space. The two flagship APIs that’s been live for over a year are 1) the token balances endpoint that returns NFTs in your wallet and 2) the fetch external metadata endpoint. Thousands of developers rely on these best-in-class APIs to power their wallets, NFT galleries and taxation tools.

OpenSea dominates the NFT space, but there are dozens of other marketplaces out there with limited visibility, but growing traction. While these marketplaces have their own data indexing solutions, there is no scalable tool today that can aggregate the data from multiple sources to paint a full, comprehensive picture.

🏁 That changes today.

Finding Your NFT Tribe

NFTs exist across multiple chains and multiple marketplaces, each one with a unique community, vibe and appeal. We’re starting out with a strong array of marketplaces, but we plan to add even more so that your options are limitless.

Supported on Day 1:

Chain Markets
Ethereum OpenSea, Rarible, Foundation, Refinable, NFTrade, LooksRare
Polygon OpenSea, Refinable, NFTrade
Binance Smart Chain Refinable, NFTrade
Avalanche NFTrade
Moonriver NFTrade

What Does This Mean for Developers?

Robust NFT market data allows developers to build improved wallets that can provide users/investors with more accurate information on their assets and positions. Diving into a specific collection with the Get Historical Data for NFT Collection endpoint, developers can also get time series data on floor prices and other market data relevant to that collection.

At Covalent we like to say ‘One Unified API, One Billion Possibilities’. We are awed everyday by the use-cases that developers are able to come up with. Hackathons are a cornerstone of our product build approach - and coinciding with this launch is ETHGlobal’s NFTHack. We can’t wait to see what’s being built with these new APIs.

Some Use-Cases to Get Started

1. Market cap, dominance and unique buyers of NFTs on Polygon/Avalanche

  • Polygon (chain id: 137)
  • Avalanche (chain id: 43114)

This endpoint works across:

  • Ethereum (chain id: 1)
  • Polygon (chain id: 137)
  • Avalanche (chain id: 43114)
  • BSC (chain id: 56)
  • Moonriver (chain id: 1285)

and 15,000 NFT collections, automatically indexed.

2. Floor price analysis of ZedRun on Polygon

  • Chain ID: 137
  • Collection address: 0xa5f1ea7df861952863df2e8d1312f7305dabf215

But really works against any of the 15,000 NFT collections indexed.

3. Floor analysis of Bored Collections on Ethereum

Calculating the daily percentage change of 7-day rolling floor analysis of the various Bored Collections (there are many such unrelated collections).

Quote from Ganesh Swami, Covalent

I think the biggest thing that I’m excited about is the movement away from centralized providers. Because there’s a lack of tools and a lack of visibility into transactions that happen on other exchanges besides OpenSea, nobody really pays attention. One of the goals we have with the NFT Market Cap endpoints is to really showcase not just the collections that are up and coming on these newer blockchains, but also newer exchanges and their features.

What’s Next

We’re going to release a code template shortly on the Covalent Replit which will make it even easier to get started and check out NFT Market Data across chains! With these templates anyone can fork and modify the code to create their own epic #BUIDLs.

So what’s the best way to request new marketplaces? See the Governance Forum below!

Feedback and Support

For feedback and support, API users can head to the dedicated feedback-and-support channel in our Discord.

To request new features on the API, users can head to the Covalent Governance Forum and make requests within the ‘Development’ category here. Feature requests will not yet go through a formal voting process on this forum, but as we continue to decentralize the Covalent Network our forum will facilitate more and more decision making through the community.

About Covalent

Covalent provides the industry-leading Unified API bringing visibility to billions of Web3 data points. Developers use Covalent to build exciting multi-chain applications like crypto wallets, NFT galleries, and investor dashboard tools utilizing data from 26+ blockchains. Covalent is trusted by a community of 15,000+ developers and powers data for 500+ applications including 0x, Zerion, Rainbow Wallet, Rotki, Bitski and many others.

Website | Discord | Telegram | Twitter | Youtube

Leilani Ledingham

Product, Covalent

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