NFTBank announced on November 2 that it had been selected by Web3 wallet, MetaMask to power price information for over 5,000 non-fungible tokens (NFT) collections held by MetaMask users.
The pricing of NFTs is a complicated matter since not only is each NFT one of a kind, but also very little information on sales transactions. Since the inception of NFTs, NFTBank has been working hard to find a solution to this problem; it told Finbold.
After years of effort, a sophisticated statistical system based on machine learning that can generate price predictions for individual NFTs with an accuracy of at least 90% was developed.
To determine a single price value for every specific NFT inside a collection, it takes into account factors such as the floor price, the rarity of the item, and the bid/ask distribution.
According to Daniel Kim, CEO of NFTBank:
“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 added:
“NFTBank’s NFT price data will be powering MetaMask’s new NFT integration, helping users to make informed decisions on their portfolio.”
How NFTBank works
NFTBank provides price information for more than 5,000 different NFT collections and makes it accessible via application programming interfaces (APIs) and its own app.
Although NFTs are becoming more established, the infrastructure for NFT holders is not quite as advanced. Users using ERC-20 tokens, for instance, can see the value of their transactions and portfolios, but doing so with NFTs is far more complex.
Metamask places high value on accurate pricing
Metamask has opted to adopt NFTBank’s price estimate as the pricing standard placing a high value on having accurate information on the worth of their NFT holdings. This decision was made because MetaMask will be introducing a new NFT portfolio product in the near future.
Holders will soon be able to see the worth of their NFT portfolios in an instant thanks to Metamask’s forthcoming NFT portfolio experience, made possible by NFTBank’s ML-based pricing estimates.
-Kai Huang, Product Manager, MetaMask Portfolio dApp, stated:
“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.”
Meanwhile, NFTBank has already established itself as the go-to NFT valuation solution for many important initiatives in the industry, including Chainlink, NFTfi, and Unlockd Finance.
Source: https://finbold.com/metamask-adds-nftbanks-pricing-engine-to-power-nft-portfolio-tracking/