NFT API as a Service
NFTs seem to be the new trending buzzword of this decade. According to Chainalysis, about $41 billion worth of crypto in 2021 was spent on NFT marketplaces. A report by Dune Analytics, 2022, shows that NFT lending and borrowing are steadily growing.
As the NFT is taking the world by storm, businesses and developers are building various NFT-based projects. They rely on the NFT APIs needed to develop these projects at the back-end. These APIs can reduce developers’ time-consuming tasks and enhance NFT applications’ development.
11 Best Crypto APIs for Developers
Feeling the itch to develop your own crypto application? Let’s explore some of the best crypto APIs in the market.
What are APIs?
Let’s first define an API before we explore NFT APIs. Application Programming Interface, or API, is the mechanism underlying all computer system connectivity and interactivity. Simply put, an API is the messenger that accepts your requests, instructs a system to perform them, and then provides the result.
APIs can be used for the following:
- To get access to data from third parties and allow different apps and services to exchange information.
- To hide complexity and perform tasks.
- To extend the functionality of current systems.
- Acts as a guard to keep our sensitive information safe.
Most websites and applications use APIs, which provide access to a lot of data dispersed across many sources. The connectivity that allows us to use our devices to access the rest of the world is eventually made possible by this. Building connections between NFT apps and NFT data stored on blockchains is precisely what an NFT API provides.
Why are NFT APIs required?
Before NFT APIs became available as a service, it took a lot of time and effort for developers to find the NFT-specific data they needed to create NFT-based apps. Parsing individual smart contracts, sorting through unstructured data sets, and cleaning and stitching the retrieved data was necessary to acquire insights into various facets of an NFT. Because information about an NFT’s current owner, transaction history, etc., is essential to how an NFT application works, this step is required. Developers can quickly run queries across several NFT smart contracts because of the normalization and searchability provided by NFT APIs, which also helps them save time, money, and effort.
Edge cases typically appear while parsing NFT data on blockchains, which makes working with NFTs challenging. NFT APIs eliminate all these barriers and simplify working with non-fungible tokens. Without additional effort, tasks like fetching data from numerous smart contracts and integrating it into an app may be completed.
You can access information about each non-fungible token listed on a blockchain using the appropriate NFT APIs. Additionally, as many different blockchains as your APIs enable can be used to extract data. Doing this allows you to complete your work more quickly and develop an NFT-integrated application. Additionally, you may spend time designing your app rather than attempting to gather data.
The following information may be obtained directly from the token’s host blockchain via NFT APIs, saving a lot of unrewarding work:
- NFT ownership data
- NFT Metadata
- NFT transfer data
- NFT price history
Tasks that NFT APIs can perform
NFT APIs can perform several simple but powerful functions like:
Obtaining data of NFT owner(s)
Regardless of the standard that the involved NFT adheres to, you can extract any needed information about the owner(s) of an NFT using the appropriate NFT API. The ownership and transfer history of the NFT can all be learned from a single line of code.
Searching for NFTs
Certain NFT APIs work similarly to NFT search engines; for instance, some APIs can make it feasible for users to search for any given NFT using free text if you create an NFT marketplace.
Acquiring NFT metadata
You can access specific NFT APIs to get NFT metadata from any blockchain.
Undertaking NFT ownership verification
Anyone can fetch and verify NFT ownership information with a few simple API calls.
NFT provenance-based audit
You may quickly track the whole ownership history of a non-fungible token using NFT APIs.
Development of NFT explorer
Using NFT APIs is essential when creating an NFT explorer that allows anyone to search for any NFT by name across blockchains. APIs guarantee that all accessed data, whether on-chain or off-chain, is immediately usable.
Social media-NFT integration
Some APIs are a premade remedy for seamlessly fusing NFTs with social media. With these simple-to-use APIs, social media firms can provide an excellent user experience.
NFT analytics access
Any business dealing with NFTs needs to obtain essential analytics relating to NFTs. With NFT APIs designed specifically for analytics, you can quickly extract crucial NFT data and obtain insightful knowledge about the blockchain of your choice.
With NFTs becoming mainstream and the hype around it growing, developing NFT applications is getting more tricky due to the massive amount of data that NFT applications need to obtain to be functional. To make NFT apps valuable for users, a great deal of data sourcing, like gathering NFT ownership details or retrieving transaction history, is required.
However, it is time-consuming and labor-intensive to source data from individual NFT smart contracts. NFT APIs will effectively gather and sort out NFT data related to assets, tokens, metadata, ownership, etc., scattered across different platforms to make the NFT app development process seamless.