MetaMask partners with NFTBank for the NFT Portfolio Tracking Service
- MetaMask will use NFTBank’s ML-based price estimates to retrieve accurate price information for its NFT collections.
- NFTBank is working to bring transparency to the NFT pricing market with more than 90 percent accuracy.
On Monday, October 31, Metamask, one of the most popular Web3 wallets, announced its partnership with NFTBank. As part of the agreement, NFTBank will operate the price information for more than 5000 NFT collections owned by Metamask users.
When each NFT is unique, NFT pricing becomes a complex problem. Furthermore, it is very difficult to retain price information since sales transaction data is very limited. NFTBank has specialized in tackling this problem in the NFT market.
NFTBank acts as an NFT portfolio management tool and valuation engine. This allows users to make informed decisions about their NFT portfolios while enabling advanced DeFi use cases. To provide price accuracy to various NFTs, NFTBank leverages advanced machine learning-based statistical algorithms. This helps it provide NFT price forecasts with more than 90 percent accuracy.
NFTBank uses key information such as minimum price, bid/ask distribution and rarity to calculate the price of an NFT in an entire collection. It provides price information for more than 5,000 NFT collections while making them available with both APIs and its own dedicated app. In a press release shared with Crypto News Flash, Daniel Kim, CEO of NFTBank said:
The need to properly price NFTs has become increasingly apparent as many learn the hard way about the dramatic volatility of NFT markets, while learning the potential of NFTs as a new digital asset class. NFTBank’s NFT price data will power Metamask’s new NFT integration, helping users make informed decisions about their portfolio.
NFTBank tackles the challenges in the NFT market
Non-fungible tokens (NFTs) have been in the crypto space for a while. However, it was the bull run in 2021 when the NFT phenomenon took off. But as the speed of NFT adoption rapidly increases, the infrastructure supporting it still lags.
As a result, the NFT price information is very important to the users. As a result, MetaMask is launching a new NFT portfolio that keeps users informed of their NFT holdings and their value. For this reason, they have partnered with the trusted player NFTBank. Powered by NFTBank’s ML-based price estimates, Metamask users will easily be able to see the NFT portfolios at a glance.
Kai Huang, Product Manager, MetaMask Portfolio dApp said:
MetaMask continues to offer a rich NFT experience and enabling price information for our users in the portfolio dapp is another step forward; beginning today our users can get real time price updates and values on the NFTs they have acquired across all accounts to enable them to make informed decisions.
“NFT Bank hair proven itself as the ideal partner to enable this feature due to it is sophisticated machine learning models and strong infrastructure capabilities that can support MetaMask’s scale to provide a consistent experience for millions of MetaMask users,” he added.
MetaMask is not the first to use NFTBank’s services. Formerly popular names such as Chainlink, NFTfi, Pine and Stater have used NFTBank’s NFT valuation services.
