The company wants to help users track the real-time value of their NFTs directly from their portfolios, giving them an instant valuation of their portfolios.
Metamask and NFTBank
MetaMask has announced a partnership with NFTBank. The ConsenSys subsidiary wants to offer its users real-time NFT valuation. MetaMask will integrate NFTBank’s intuitive pricing engine and portfolio management tool into more than 5,000 NFT collections owned by its users.
The company wants to offer users greater than 90% accuracy in NFT pricing, giving them instant valuation of their portfolios.
NFTs became a buzzword during the pandemic as major brands and celebrities swooped in for alternative revenue channels.
However, the pricing problem has continued to persist, despite the emergence of various analytics tools and data in the chain. NFT floor prices (the lowest price of an NFT in a collection) have continued to show high levels of volatility, while the difference between the cheapest and most expensive NFT in a given collection can be in the millions of dollars.
This makes it difficult for NFT holders to determine the value of their NFTs unless they use the previous sale price, which, based on recent evidence, cannot be relied upon.
NFTBank’s pricing engine leverages information such as minimum price, rarity, and supply/demand distribution to calculate a single price value for any NFT in a collection with an accuracy rate of over 90%.
The company has invested in an advanced statistical algorithm based on machine learning to run the pricing engine. It already provides pricing information for more than 5,000 NFT collections and makes it available with both APIs and its own dedicated application.
“The need to understand the proper pricing of NFTs has become increasingly clear with many learning the dramatic volatility of NFT markets the hard way, and simultaneously learning the potential of NFTs as a new digital asset class,” said Daniel Kim, CEO of NFTBank. “NFTBank’s pricing data will drive Metamask’s NFT integration to help users make the right portfolio decisions.”
Commenting on the launch of the new portfolio tool, Kai Huang, product manager of MetaMask Portfolio dApp, highlighted the company’s commitment to offering a rich NFT experience to its users. Huang said users will have access to real-time pricing of NFTs starting Nov. 2, 2022.
“NFTBank proved to be the ideal partner to enable this feature due to its advanced machine learning models and robust infrastructure capabilities that can support the scale of MetaMask to provide a consistent experience for all MetaMask users,” Huang added.
NFTBank is an NFT portfolio management tool and valuation engine, permitting customers to make knowledgeable decisions approximately their NFT portfolio and permit advanced DeFi use instances.
NFTBank’s ML-powered NFT valuation engine covers 5000+ projects with high accuracy.
You can find more information about NFTBank at nftbank.ai/welcome
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