MetaMask adds NFTBank’s pricing engine to power NFT portfolio tracking
NFTBank announced on November 2 that it had been selected by the Web3 wallet, MetaMask, to provide price information for over 5,000 pools of non-fungible tokens (NFT) held by MetaMask users.
The pricing of NFTs is a complicated matter since not only is each NFT unique, but also very little information about sales transactions. Since the inception of NFTs, NFTBank has been working hard to find a solution to this problem; Finbold told it.
After years of effort, a sophisticated statistical system based on machine learning was developed that can generate price predictions for individual NFTs with at least 90% accuracy.
To determine a single price value for each specific NFT in a collection, it takes into account factors such as the minimum price, the item’s rarity, and the bid/ask spread.
According to Daniel Kim, CEO of NFTBank:
“The need to understand the appropriate pricing of NFTs has become increasingly apparent as many have learned the hard way about the dramatic volatility of NFT markets, while also learning the potential of NFTs as a new digital asset class.”
He added:
“NFTBank’s NFT price data will power MetaMask’s new NFT integration, helping users make informed decisions about their portfolio.”
How NFTBank works
NFTBank provides price information for more than 5,000 different NFT collections and makes it available via application programming interface (API) 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 example, can see the value of their transactions and portfolios, but doing so with NFTs is far more complicated.
Metamask places a high value on accurate pricing
Metamask has chosen to use NFTBank’s price estimate as the price standard which places a high value on having accurate information about the value of their NFT holdings. This decision was made because MetaMask will introduce a new NFT portfolio product in the near future.
Holders will soon be able to see the value of their NFT portfolios at a glance thanks to Metamask’s upcoming NFT portfolio experience, powered by NFTBank’s ML-based price estimates.
-Kai Huang, Product Manager, MetaMask Portfolio dApp, stated:
“NFTBank has proven to be the ideal partner to enable this feature due to its sophisticated machine learning models and strong infrastructure capabilities that can support MetaMask’s scale to provide a consistent experience for millions of MetaMask users.”
Meanwhile, NFTBank has already established itself as the NFT valuation solution for many key initiatives in the industry, including Chainlink, NFTfi and Unlockd Finance.
