Question 1

Why should crypto tax and accounting apps utilize an NFT API?

Accepted Answer

Crypto tax and accounting apps should focus on delivering the best end user experience, instead of building base level indexing infrastructure. By using an API provider to ingest NFT data, they can save engineering time and effort.

Question 2

How can crypto tax and accounting apps reconstruct wallet activity?

Accepted Answer

SimpleHash provides full NFT transaction history at the wallet level, helping with accurate calculation of capital gains and losses.

Question 3

What makes SimpleHash a better option for crypto tax and accounting apps than other NFT APIs?

Accepted Answer

SimpleHash has broader coverage of NFT metadata, includes NFT market data from more marketplaces and ecosystems. SimpleHash also provides a superior developer experience, including LLM powered spam scores, OpenRarity, standardized trait data, standard wallet valuations, market analytics (+ NFT volumes, market caps), reveal / drop detector events, and Solana compressed NFT support.

Question 4

How can developers determine the value of an NFT?

Accepted Answer

Developers can use the sale or floor price information of an NFT to determine its value. SimpleHash provides both of these data points, along with the ability to query historical data.

Question 5

How can crypto tax and accounting apps find historical NFT valuations?

Accepted Answer

SimpleHash provides easy access to historical floor process, sales and transfers, and listing events, right down to the trait, token and collection level.

Question 6

What blockchains can crypto tax and accounting apps query NFT data on using SimpleHash?

Accepted Answer

More than 40 different mainnets and testnets, including the main EVM chains, Solana and Bitcoin Ordinals.