Algorand NFT marketplace Rand Gallery acquires NFT Explorer
Rand Gallery, the most important NFT marketplace in the Algorand blockchain, has just acquired NFT Explorer, which is an NFT data aggregator. The purpose of this acquisition is to add analytics to its product offering. Indeed, it is a deal that will allow Rand Gallery to own the complete NFT vertical stack.
Why is Rand Gallery buying NFT Explorer?
One of the primary reasons for the deal is the growth of the full vertical NFT stack and for Rand Gallery to become a central hub for all NFTs. A statement says that a trusted Web3 partner for these brands wants to provide a special NFT experience.
On the one hand, it should be remembered that Rand Gallery was also acquired last year by another startup known as Distributed Finance. The latter managed to emerge with $2.5 million in seed funding before announcing the acquisition in August. The company was founded by Ross Murray-Jones and Agash Navaranjan. It also owns Zest, which is a DAO investment builder in the Algorand blockchain.
Rand Gallery has not agreed to share the terms of the acquisition of NFT Explorer. The only information known today is that the amount deducted is lower than last year.
Ross and Agash argue that the platform created by Tommaso and Josh has always been exciting. Indeed, it appears to be the cornerstone of Algorand’s thriving NFT ecosystem. The dedication of the founders of the NFTx technology stack remains unmatched.
The symbiotic relationship
If these two structures work together today, it is because there has always been a symbiotic relationship between them, as they share a third of each other’s traffic. At least that’s what Murray-Jones, the CEO of Rand Gallery, said in an email comment. For Murray, this agreement will be strengthened significantly through certain actions.
These include buying and selling on NFTx and adding rarity alongside other data analyses to Rand. In addition, both platforms will move towards an unparalleled NFT experience by using other channels. As such, they will play an essential role in the growth of Algorand. There are many investors in distributed finance. These include Borderless Capital, the Algorand Foundation, Big Brain Holdings, Fun Fair Ventures, and Eterna Capital.
What does the agreement mean for NFT Explorer?
NFT Explorer is not exiting now, as its legal representatives will support Rand in the technical transition until 28 March 2023. The purpose of this work is to ensure that Rand can continue to trade NFTx without any concerns. Indeed, no interruption of service is envisaged. However, it should be noted that this applies to ongoing subscriptions and NFTx.bot and prepaid advertising.
The only services that will be interrupted are donations. Recognition and verification of featured and banner ads will still be possible. In addition, Rand will continue to integrate new markets into NFTx. This is the case for Exa, for example. A number of transactional features will also be introduced with the aim of making it easier to buy NFTs directly from a collection.
Rand will be working diligently in the background to benefit from NFT technology in the redesign of its platform. Customers can therefore expect much more data analysis. This is also the case for out-of-the-box scarcity and the live view of the sales history of an entire collection. Simply put, the company wants to offer a fairly comprehensive digital collectibles experience.
The purchase of NFT Explorer will certainly give Rand Gallery a much brighter image. It is a deal that allows the company to take over the entire NFT vertical technology stack.
