November 2, 2022 – Seoul, Korea
NFTBank has been chosen by Metamask, the leading Web 3.0 wallet, to power pricing information for over 5,000 NFT collections owned by Metamask users.
NFT pricing is a complex issue ot only is every NFT unique but sales transaction data is also extremely limited. NFTBank has sought to tackle this issue from the earliest days of NFTs. The years of work led to an advanced machine learning-based statistical algorithm to provide price estimates for individual NFTs with over 90% accuracy.
It uses information such as floor price, rarity and bid/ask distribution to compute a single price value for any given NFT in a collection. NFTBank offers pricing information for over 5,000 NFT collections and makes them available both with APIs and its own dedicated app.
While the NFT phenomenon clearly established itself in 2021, infrastructure for NFT holders is still lagging. For example, while users can see their transactions and portfolio value for ERC-20 tokens, this is much harder for NFTs.
Recognizing the importance of NFT price information for its users, Metamask is launching a new NFT portfolio product that better informs its users of their NFT holdings and their value and decided to use NFTBank’s price estimate as the price standard.
Thanks to Metamask’s upcoming NFT portfolio experience, NFT holders can see their NFT portfolio’s value at a glance, powered by NFTBank’s ML-based price estimates.
Daniel Kim, CEO of NFTBank, said,
“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. NFTBank’s NFT price data will be powering Metamask’s new NFT integration, helping users to make informed decisions on their portfolio.”
Kai Huang, product manager of MetaMask Portfolio DApp, said,
“MetaMask continues to provide a rich NFT experience, and enabling pricing information for our users within the portfolio DApp is another step forward. Beginning today, our users can get real-time price updates and values about the NFTs they’ve acquired across all accounts to enable them to make informed decisions.
“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.”
NFTBank has already become the NFT valuation solution for key projects in the scene such as Chainlink, NFTfi, Pine, Stater and Unlockd Finance. NFTBank is supported by Hashed, DCG and other partners and investors.
About NFTBank
NFTBank is an NFT portfolio management tool and valuation engine, allowing users to make informed decisions about their NFT portfolio and enable advanced DeFi use cases.
NFTBank’s ML-powered NFT valuation engine covers over 5,000 projects with high accuracy. You can find more information about NFTBank here.
Contact
Jen Kim, head of product at NFTBank
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Source: https://dailyhodl.com/2022/11/02/nftbanks-nft-pricing-set-to-power-metamasks-new-nft-portfolio-tracking/