NFTBank is known for using machine learning algorithms that constantly provide updates for users with price estimates for each item within a collection.
Web3 wallet MetaMask has announced a partnership agreement with an NFT portfolio management tool and valuation engine, NFTBank, to bring updated pricing information for the over 5,000 NFTs owned by MetaMask users. NFTBank is known for using machine learning algorithms that constantly provide updates for users with price estimates for each item within a collection and make them accessible through application programming interfaces (APIs) as well as its app. Daniel Kim, CEO of NFTBank believes that understanding pricing is very important in this market condition.
“The need for understanding the appropriate price of NFTs has become ever more 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,” he said.
NFTs pricing has been very complicated as each item is one-of-a-kind and has little information on sales transactions. Comparatively, ERC-20 token users can see the value of the transaction and portfolio but very difficult with NFTs.
To provide a solution for this, NFTBank introduced a statistical system based on machine learning that can create price predictions of more than 90% accuracy for each NFT. The system takes into consideration some factors including “the floor price, the rarity of the item, and the bid/ask distribution,” to determine the price value of every specific NFT within a collection.
“NFTBank’s NFT price data will be powering MetaMask’s new NFT integration, helping users to make informed decisions on their portfolio,” said Kim.
According to the report, this decision was made because MetaMask would introduce a new NFT portfolio product soon.
“NFTBank has proven itself as the ideal partner to enable this feature because of its sophisticated machine-learning models and strong infrastructure capabilities that can support MetaMask’s scale in order to provide a consistent experience for millions of MetaMask users,” said Kai Huang, Product Manager, MetaMask Portfolio dApp.
MetaMask has sought to expand its capabilities in the web3 ecosystem. It was recently reported that blockchain software company ConsenSys seeks to invest $2.4 million each year for the launch of MetaMask Grants decentralized autonomous organization. MetaMask employees would lead the DAO and provide grants to external developers to build within the ecosystem according to reports.
Just after unveiling the portfolio tracker, MetaMask also announced a new wallet feature for institutions. In collaboration with Cobo, it announced a custodial feature for institutional NFT investors.
The retail browser plug-in wallet went past 30 million users in 2022. In October 2021, MetaMask institutional was launched to take advantage of the rising allocation of significant amounts of capital into Defi marketplaces through the MetaMask retail wallet within that period.
Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
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