15 February 2023 17:28, UTC
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Rand Gallery, the largest NFT marketplace on the Algorand blockchain, acquired the data aggregator NFT Explorer to add analytics to its product offering.
The deal allows Rand Gallery to own “the complete vertical NFT stack” as it aims to become “a central hub for all NFTs — including music and gaming — and a trusted web3 partner for brands wanting to offer a data-driven NFT experience to their audience,” according to a release.
Last year, Rand Gallery was itself acquired by a startup called Distributed Finance, which emerged from stealth with $2.5 million in seed funding and announced the takeover in August. Distributed Finance, which was founded by Ross Murray-Jones and Agash Navaranjan, also owns Zest, a builder of investments DAOs on Algorand.
Rand declined to disclose terms of the NFT Explorer acquisition, while noting that the amount paid was less than last year’s deal. It added that the company is closing a top-up to its seed round to finance the takeover.
“There has always been a special, symbiotic relationship between NFTx and Rand, as they share a third of each other’s traffic,” Murray-Jones, Rand Gallery’s CEO, said in emailed comments. This “will meaningfully strengthen under one umbrella, for example buying/selling on NFTx and adding rarity alongside other data analytics to Rand. Both platforms will evolve into an NFT experience unrivalled by other chains and thus play a preeminent role in the growth of Algorand.”
Investors in Distributed Finance include Borderless Capital, the Algorand Foundation, Eterna Capital, Big Brain Holdings and Fun Fair Ventures.