Nansen admits he neglected DeFi plans during the NFT craze

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

CEO and co-founder Alex Svanevik recently Ray on Nansen’s growth, noting that the company has registered over 130 million addresses and has grown by 30% despite the cryptocurrency 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 information on the company’s success. Thurman, a Simian psychometric improvement technician, explained that after the nonfungible tokens (NFT) craze, Nansen realized it would be a big area for the company and it became its most popular division. He added:

“As a result, I think we neglected our plans for DeFi 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 Web3 Super App meant that the NFTs are important, but they are not the only important thing.”

With Nansen’s customer base continuing to grow, Thurman added that the company is definitely seeing a shift in favor of business-to-business (B2B) customers. He explained that at the end of the year, Nansen will likely have more B2B profits than individual sales, which was the exact opposite last year. As a result, Thurman said Nansen needs to change its approach if it wants to expand and meet growing user demand.

Regarding her development plan, Thurman talked about the platform’s creation of a yet-to-be-launched new portfolio product that will allow customers to track their assets across 40+ blockchains and over 400 DeFi platforms in addition to the recently announced research project was dubbed Alpha.

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

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

Related: Crypto users spent $2.7 billion on NFT clipping 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. In addition to research, Nansen is also recognized for index sizes such as the NFT-500, which tracks the performance of the top 500 ERC-721 and ERC-1155 token pools on Ethereum. Last June, Andreessen Horowitz invested $12 million in the company.