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Any business needs data about its market and customers to make informed decisions. Those that don't, get outpaced by companies and products that do. It's no different in the blockchain industry.
But while much of the critical data, like transactions, wallets, and prices, is transparent, it's hardly meaningful to most people. The strings of numbers and letters on the blockchain need to be indexed to make sense, and dozens of platforms exist to help the general public understand what's going on in web3.
But where do these platforms get their data from?
What about enterprises and organizations that need highly particular data for their internal use, like VCs and GameFi projects?
Until recently, most developers would build out their SDKs for data ETL, a strategy that is pricey and difficult to maintain. Now, there are several DaaS (Database-as-a-Service) companies that make it easier. While Footprint Analytics is one such platform, it goes above and beyond what others offer in terms of breadth and customization options.
This article will explain why the Footprint Data API is a true game-changer in the blockchain industry by exploring some of its use cases. Note: each of the use cases come from an actual Footprint Data API user—none are hypothetical.
By providing access to historical data from 22 chains including game chains (far more than any other provider), 17 NFT marketplaces, and nearly 2,000 GameFi protocols plus their in-game assets, Footprint Date API is one unified API for blockchain developers of all stripes, across the industry.
1.How do APIs help developers?
APIs, or application programming interfaces, are sets of rules and protocols that allow different software applications to communicate and share data with one another.
APIs help developers build products by providing them with a consistent and standardized way to access and integrate the functionality and data of other applications into their products. For example, a developer building a mobile app that needs to access a user's location data can use the location API provided by the mobile operating system to retrieve and use this information in their app easily. This saves the developer from having to build their own location-tracking functionality from scratch, which can be time-consuming and complex.
Many problems of working with data are exacerbated in the crypto industry, and blockchain data can be difficult for developers to work with for several reasons.
One reason is that the data is distributed across multiple nodes in a network, which makes it challenging to access and work with in a centralized manner. Additionally, the large amount of data generated by blockchain systems can make it difficult for developers to manage and process effectively. Every chain needs to be indexed in its own way to be usable for the end point.
2.What problem does the Footprint API solve?
The Footprint Analytics unified API can help developers build products that better understand the blockchain by providing a standardized and reliable way to access real-time or historical data about the blockchain and the various cryptocurrencies, projects and networks built on it. Footprint aims to remove the high cost and barriers of clients’ data integration and management from multiple APIs.
This data can include information about cryptocurrency prices, transaction volumes, and other key metrics.
By using the Footprint Analytics data API, developers can easily incorporate this information into their products, such as blockchain analytics and visualization tools, cryptocurrency trading platforms, and other applications that require a deep understanding of the blockchain and its underlying data.
In this article, we’ll go over just a few of the real use cases for Footprint’s Data API.
3.Footprint API Use Cases
A. Evaluate risk and identify fraud
Clients: Startups, VCs, enterprises
Blockchain data can provide a transparent and immutable record of transactions, which can help to identify patterns of behavior that may indicate fraudulent activity.
Additionally, using blockchain data can help establish trust and accountability, which can help build confidence among investors and other stakeholders.
B. Integrate data for analysis
Clients: Crypto influencers, media publications, journalists
Influencers, media publications, and journalists can use blockchain data to better explain the crypto industry to their audiences by providing accurate and up-to-date information about the industry.
For example, they can use blockchain data to track the performance of different cryptocurrencies and provide real-time updates on their value and market capitalization. They can also use blockchain data to track the activity of blockchain projects and organizations and provide insights into industry trends and developments.
A more comprehensive, customizable solution like Footprint allows them to provide in-depth analyses, which can help to demystify the industry for their audiences and uncover new information in investigative reports.
C. Analyze your own project metrics
Clients: Blockchain protocols, GameFi titles, NFT studios
Blockchain projects and NFT studios can use on-chain data to track their business goals and KPIs in a number of ways. For example, they can use on-chain data to track the number of transactions that are taking place on their platform, as well as the volume of value that is being exchanged. This can provide valuable insights into the level of adoption and usage of their platform, which can help them to assess its performance and identify areas for improvement.
Additionally, they can use on-chain data to track the performance of different assets on their platform, such as the number of NFTs that are being created and traded, and the value of these assets over time.
D. Create Web3 search engines
Clients: Web3 platforms, NFT and crypto marketplaces
Web3 platforms and marketplaces can build search engines within their platforms easily using blockchain data APIs by leveraging the power of these APIs to access and query the data stored on the blockchain in real-time. By using Footprint’s API to fetch data about specific transactions or assets, such as specific NFTs or cryptocurrencies, they can then display this data to users in an intuitive manner.
They can use these APIs to enable users to search for specific types of data, such as transactions involving a particular cryptocurrency or assets with certain characteristics. This can make it easier for users to find the information they are looking for and to interact with the data on the platform.
E. Authenticate and visualize wallet addresses
Clients: Authorization tools and services, wallet trackers, NFT platforms, node services
Wallet services can build a picture of the wallet owner's digital assets portfolio by using an API to fetch data about specific transactions involving a given wallet address.
Footprint's API allows them access data about the current wallet balance, as well as information about any transactions that are currently pending or awaiting confirmation on the blockchain. This can show users a comprehensive view of their digital assets, help them manage their portfolios, track whales, and more.
F. Understand GameFi users and players
Clients: DeFi protocols, GameFi projects, gaming guilds
GameFi projects can use blockchain data APIs to access data about the transactions that are taking place within the game, such as the purchase of in-game items or the transfer of cryptocurrencies between players. This can illuminate the behavior and preferences of their players, which can in turn be used to improve the user experience and make their games more engaging and enjoyable. Other metrics GameFi projects can track:
- The performance of different assets on their platform
- The popularity and value of different in-game items, their demand, etc.
- The retention rate of players
- The amount, and impact, of fraudulent activity in the game
4. How do developers integrate the Footprint Data API as a solution?
Footprint supports two types of API: Rest API and SQL API.
REST API allows us to quickly integrate an application, since each endpoint is a pre-built, hard-coded script that we have identified ourselves as one of the most popular. All endpoints come with easy-to-use tools for filtering, sorting, and pagination.
For specific cases, developers have the SQL API. By using the same SQL queries in both the web application and the API, developers can simplify production and maintenance—they can avoid the need to write and maintain separate sets of queries for the web application and the API. Besides saving time and effort, this reduces the risk of errors or inconsistencies between the two interfaces.