Nansen admits to neglecting DeFi plans during NFT mania

Despite the general slowdown in cryptocurrency markets throughout the year, Ethereum blockchain analytics platform Nansen has continued to report impressive growth numbers.

CEO and co-founder Alex Svanevik recently spoke about Nansen’s growth, highlighting that the company has registered over 130 million addresses and has grown 30% despite the crypto downturn. Svanevik credited much of his success to the value of blockchain platforms, particularly those based on Ethereum.

Cointelegraph reached out to Nansen’s Andrew Thurman for more insight into the company’s success. Thurman, a Simian psychometric improvement technician, explained that after the nonfungible tokens (NFT) craze, Nansen realized that it would become a huge area for the company and became the most popular part. He added:

“As a result, I think we neglected our DeFi plans a little bit. However, we are really focused on strengthening it again and balancing it with NFTs. We had to realize that our goal of being the Super App of Web3 meant that NFT- are important, but they are not the only important thing.”

With Nansen’s client base continuing to rise, Thurman added that the firm is definitely seeing a shift in favor of corporate, or business-to-business (B2B) clients. He explained that by the end of the year, Nansen will most likely have more B2B earnings than individual sales, which was the exact opposite last year. As a result, Thurman said Nansen must change its approach if it wants to expand and satisfy growing user demand.

On his growth plan, Thurman talked about the platform’s creation of a new yet-to-be-launched portfolio product that will allow customers to keep track of their assets across 40+ blockchains and over 400 decentralized finance (DeFi) platforms in addition to recently announced research project called Alpha.

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

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

Related: Crypto users spent $2.7 billion minting NFTs in the first half of 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. Aside from research, Nansen is also recognized for index aggregates such as the NFT-500, which tracks the performance of the top 500 ERC-721 and ERC-1155 token pools on Ethereum. Last year, Andreessen Horowitz invested $12 million in the company.