MetaMask Teams Up with NFTBank To Set New NFT Portfolio Tracking

MetaMask has announced a collaboration with NFTBank. The ConsenSys subsidiary wishes to provide its users with real-time NFT pricing. MetaMask will include NFTBank’s user-friendly NFT pricing engine and portfolio management tool in its users’ more than 5,000 NFT collections.

Through this cooperation, MetaMask is developing a new NFT portfolio tool that uses NFTBank’s valuation engine to notify customers of the changing market value of their NFTs. The purpose of this collaboration is to assist users in making better decisions regarding their NFT portfolio.

Daniel Kim, the CEO of NFTBank, stated:

“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.”

During the epidemic, NFTs became a hot keyword as mainstream corporations and celebrities pounced in search of other revenue outlets.

However, despite the introduction of various on-chain data and analytics solutions, the price issue has persisted. NFT floor prices have remained volatile, with the gap between the cheapest and most costly NFT in a particular collection reaching millions of dollars.

With an accuracy rate of more than 90%, NFTBank’s NFT pricing engine uses information such as floor price, rarity, and bid/ask distribution to compute a single price value for each particular NFT in a collection.

To make the pricing engine operate, the company has invested in an innovative Machine Learning-based statistical methodology. It already provides NFT price information for over 5,000 NFT collections using APIs and its own dedicated app.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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