On-chain NFT data is about to get a lot more useful. Orange Protocol is announcing our new partnership with NFTScan — a professional NFT asset browser and data analysis platform — to utilize a broad range of spot and historical NFT data in portable reputation to give projects new tools for new value-add to engage with communities.
From airdrops to voting and governance, users will now be able to take advantage of NFTScan’s Open API, allowing for rapid NFT data customization in the decentralized reputation space.
NFT data is part of the new frontier for Web3 and can be harnessed for new, innovative, and powerful uses. Here’s why NFTScan and Orange are partnering, how we plan on breaking down the NFT data monopoly, and how to get started using NFTScan’s API.
As of December 30th, 2021, NFTScan has collected 37.73 million NFT assets, 27,667 NFT asset contracts, 60.93 million transaction records, and 37.23 million wallet addresses. From an on-chain NFT data completeness and resolution standpoint, the NFTScan browser has actually surpassed Opensea’s dataset.
And despite its market dominance, OpenSea has yet to open its APIs to the public, limiting how communities can make use of their substantial NFT data. Orange is here to support NFTScan’s mission to break down these barriers and silos, offering a more free and fair NFT data marketplace that can help users improve their communities.
Every day, NFTScan is adding around 70K new NFT datapoints to its platform, leading in both width and speed that allows NFTScan to stay on top of any new developments in NFT markets.
The recent NFT boom has resulted in an explosion of on-chain data related to things like purchases, transactions, and digital asset holdings. NFTs are also increasingly used to represent participation, acknowledgment, endorsement, qualification, identity, and other useful attributes of Web3 user contributions in meaningful ways. Unlocking value and making use of this vast array of information to form decentralized reputation is the shared vision that Orange and NFTScan are coming together. We want to help developers and project leaders use data to add value to their NFT communities.
And of the biggest challenges facing NFT communities has been equity and reputation. Which users should have the most votes, be eligible for airdrops, or earn certain privileges within a DAO should all be reputation-based, but the technology to execute on these actions hasn’t been fully developed until now. By combining Orange’s capabilities to generate reputation reports and scores with NFTScan’s dataset and lightning-fast APIs, these issues can now be addressed in a meaningful fashion.
As an open protocol, Orange is on a clear trajectory to create even deeper partnerships with data providers. Our mission is to play an important and transformational role in harnessing the mass amounts of emerging data in Web3. And as a key provider of NFT data, NFTScan sees strategic value in participating in the decentralized reputation space alongside Orange. Both Orange and NFTScan share a mutual mission of shaping tomorrow’s Web3 with innovative applications of data and reputation.
Users can employ Orange Protocol’s reputation report and scoring capabilities with NFTScan’s dataset and open API in an extremely diverse set of scenarios and use cases. For example, using an individual’s history of NFT trading and length of asset holding to generate a score that determines membership qualification, participatory eligibility, or DAO voting rights.
Multiple factors can be customized into an algorithm via Orange along with NFTScan as a data provider (DP). Currently, the NFTScan open API platform has over 260 registered developer accounts, showing that it’s already one of the top choices for NFT data usage. That’s because of the speed of NFTScan’s open API, allowing algorithms and models to be built out quickly and efficiently.
This is only the beginning of Orange’s support, collaboration, and partnership with NFTScan. Because NFT data continues to explode by the minute, developers and NFT communities will have even more options at their disposal for how to use portable reputation to create more fair and free NFT spaces.