Nansen Admits Neglecting DeFi Plans During NFT Craze

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Despite the general downturn in cryptocurrency markets throughout the year, Ethereum (ETH) blockchain analytics platform Nansen continued to report impressive growth rates.

CEO and co-founder Alex Svanevik recently spoke about Nansen’s growth, highlighting that the company has registered more than 130 million addresses and has grown by 30% despite the crypto decline. Svanevik attributed much of its success to the value of blockchain platforms, especially those based on Ethereum.

TBEN reached out to Andrew Thurman of Nansen for more insight into the company’s success. Thurman, a psychometric enhancement engineer from Simian, explained that Nansen realized it would become a big area for the company after the non-fungible tokens (NFT) craze and that it became the most popular section. He added:

“As a result, I think we’ve kind of neglected our DeFi plans. However, we’re really focused on reinforcing that and balancing that with NFTs. We had to realize that our goal to make Web3’s Super App mean that NFTs are important, but they are not the only important thing.”

As Nansen’s customer base continues to grow, Thurman adds that the company is definitely seeing a shift in favor of corporate (B2B) customers. He explained that Nansen will likely have more B2B revenue than individual sales at the end of the year, which was the exact opposite last year. As a result, Thurman said Nansen needs to change their approach if they want to expand and meet increasing user demand.

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Speaking about his growth plan, Thurman talked about the platform’s creation of a new yet-to-be-launched portfolio product that will allow clients to track their assets across more than 40 blockchains and more than 400 DeFi platforms in addition to the recently announced research project dubbed Alfa.

When asked what advice he would give other companies looking to follow in their footsteps, Thurman replied:

“Cryptocurrency is an industry that is experiencing a 0-to-1 uptake in terms of users, use cases and market cap. It’s a huge new playing field where winners can emerge.”

Related: Crypto Users Spent $2.7 Billion Mining NFTs in H1 2022: Report

Founded in 2020, Nansen is a blockchain analytics platform for crypto experts and investors that tracks data and research on Ethereum and other blockchains. In addition to research, Nansen is also recognized for index aggregates such as the NFT-500, which track the performance of the top 500 ERC-721 and ERC-1155 token collections on Ethereum. Last June, Andreessen Horowitz invested $12 million in the company.

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