Step Finance Ramps Up Data Analytics for Web3 with SolanaFloor Acquisition

Step Finance has announced its acquisition of NFT data insight platform SolanaFloor in an undisclosed deal to expand its analytics offerings to NFTs.
Image source: Step fiance / Twitter

Quick take:

  • Step Finance has acquired SolanaFloor.
  • The Solana-based data platform is looking to expand its ecosystem with NFTs analytics.
  • SolanaFloor is a non-fungible token (NFT) data insight platform with 23,000 monthly active users.

Step Finance has taken another step to expand its product offering after announcing the acquisition of SolanaFloor. The Solana-based analytics platform is adding the non-fungible token (NFT) data insights provider to its portfolio of products to gain a presence in one of the most popular verticals in the web3 space.

Step Finance provides data analytics to over 110,000 monthly active users. Step’s purchase of SolanaFloor will add another 23,000 monthly active users to its user base. The company is looking to tap into the rapidly growing NFT space, as more business opportunities continue to crop up.

While several players in the industry are looking to launch their own NFT projects, others are targeting the analytics space. This is one of the most underserved verticals in Web3.

However, some Web3 players are catching wind of the opportunity and have not wasted time in pouncing.

Last month, Nansen added Solana analytics data from 53,000 NFT collections expanding its ecosystem of NFT insights. The collections featured projects on Magic Eden and OpenSea, the former is the largest NFT platform on Solana, while the latter is the world’s largest NFT marketplace.

According to the Co-founder of Step Finance George Harrop, the Web3 space is highly segmented, with those who fully understand decentralised finance (DeFi) not as acquainted with NFTs, and vice versa.

“There are some users who don’t really know about DeFi and likewise, a lot of DeFi people who don’t really know about NFTs, so the sum is greater than two parts,” Harrop told Coindesk.

On the other hand, SolanaFloor founder Wazza (a pseudonym) thinks that joining up with Step will secure data within the Solana ecosystem better.

“Step is pretty much the home for DeFi and we’re pretty much the home for NFTs on Solana, so this makes perfect sense,” Wazza said.

Data analytics platforms could also leverage their technology to spot unusual activity on blockchains, thus helping developers to filter information for the market.

BitsCrunch, which is backed by Animoca Brands, Coinbase Ventures, and Polygon Studios among others has created an analytics tool Scour that detects watch trading, among other inorganic Web3 events.

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