Covalent is sponsoring the upcoming ETHGlobal’s NFTHack hackathon - bringing together a collective of passionate creatives and developers for a weekend hackathon.
NFTs have seen a recent uptick in the current news cycle - with the $69 million Beeple NFT sale to NBA TopShot record sales to … a lot more than what we can write about here. NFTs have mainstream appeal and are attractive to a broader audience than the userbase that DeFi targets.
Though the core technological underpinning behind NFTs have been around since the last cycle in 2017, the data underneath NFTs continues to be hard to retrieve. The challenges arise from a combination of non-compliant standards to a portion of the data living off-chain.
The good news is that Covalent has been working diligently over the last few months sorting through the tough data challenges with respect to NFTs. These world-class APIs have been battle tested by some of the biggest NFT projects in the space - ChainGuardians, NFTX, TerraVirtua and many more!
So you’re in good company!
Features of the Covalent API
All of us at Covalent are highly anticipating the innovation and creativity that will be on display at NFTHack. With the Covalent API, there is no need to invest developer resources in writing complex sub-graphs or SQL queries. Multi-chain data is immediately available via a unified browser interface where anyone can extract and analyze NFT data in multiple formats.
Some of the NFT-specific features that’s available to developers:
- Index of all ERC 721 and ERC 1155 tokens
- Index across 4 different blockchains including Polygon, Binance Smart Chain, Avalanche and of course Ethereum mainnet
- Index of all token ids within a NFT contract
- Fetching of external metadata
- Last sale price of tokens across marketplaces like Opensea, Rarible and Zora
You can combine these building blocks to support a wide variety of NFT use-cases.
What we like to see
For the NFTHack hackathon, Covalent is offering a total of 1,500 USDT in prizes to 3 participants or teams who make the best use the Covalent API for their NFT projects. Here are some exciting NFT project ideas we would love to see you #BUIDL:
- Screensaver of NFTs in your wallet
- Valuation models for a portfolio of NFTs
- Cross-chain NFTs
- Investor tools - NFT Marketcap (CoinMarket/Coingecko)
- Demand-side NFT analytics
- Creator tools - How many NFTs, what platforms, on average sales, volumes, etc.
Our friend Andrew Steinwold had this recent tweet that can serve as a source of inspiration:
Can someone please make the "Google" of NFTs?— Andrew Steinwold (@AndrewSteinwold) March 13, 2021
There are so many incredible people, groups and companies creating NFTs but I want to know basic info like:
1. How many NFTs have they issued?
2. Where were they issued?
3. Number of holders
4. Avg ROI
and other relevant info
Project submissions will be judged based on the following criteria:
- User experience (good design, intuitive, easy to use)
- Technical competence (well organised & optimised code)
Covalent is running a series of community events before and during the NFTHack hackathon, with over 1,500 USDT in community rewards up for grabs! Sign up and check out our events calendar which includes:
- NFT speaker panel
- Nifty Wallet challenges
- Daily NFT trivia
- Tweet memes and NFT Art challenges
Quote from Ganesh, Covalent CEO
Anyone looking to participate in the Covalent NFT activities, including the NFTHack hackathon, can sign up here: https://nft.covalenthq.com/.
- Covalent - Working with NFTs recipes
- Covalent - API Reference
- Covalent NFT hacks - Event list
- Covalent side-events registration form
Covalent leverages big-data technologies to create meaning from hundreds of billions of data points, delivering actionable insights to investors and allowing developers to allocate resources to higher-utility goals within their organization. Instead of pain-stakingly sourcing data from a small handful of chains, Covalent aggregates information from across dozens of sources including nodes, chains and data feeds. The Covalent API then sources end users with individualized data by wallet, including current and historical investment performance across all types of digital assets. Most importantly, Covalent returns this data in a rapid and consistent manner, incorporating all relevant data within one API interface.