MetaMask teams up with NFTBank to integrate real-time NFT prices – NFTgators

Quick take:

• MetaMask has partnered with NFTBank to bring real-time NFT prices to users.
• The leading web3 wallet provider will integrate NFTBank’s NFT pricing engine into the more than 5,000 NFT collections owned by its users.
• MetaMask tries to solve the complex problem faced by NFT prices to help users track the value of their NFTs.

MetaMask has announced a partnership with NFTBank. The subsidiary ConsenSys wants to bring real-time NFT prices to its users. MetaMask will integrate NFTBank’s intuitive NFT pricing engine and portfolio management tools into more than 5,000 user-owned NFT pools.

The company wants to offer users more than 90% accuracy on NFT prices, giving them an instant valuation of their portfolios.

NFT pricing has been one of the most complex issues since the phenomenon emerged in 2017. A non-fungible token (NFT) is a cryptographic file created on the blockchain to provide proof of ownership of a digital collectible, a music track, a video clip, digital goods or a JPEG.

NFTs became a trendy buzzword during the pandemic as mainstream brands and celebrities pounced on alternative revenue channels.

However, the question of pricing has continued to persist, despite the emergence of more data and analysis tools in the chain. NFT floor prices (the lowest price of an NFT in a collection) have continued to show high levels of volatility, while the difference between the cheapest and most expensive NFT in a given collection can be as high as millions of dollars.

This makes it difficult for NFT holders to determine the value of their NFTs, unless they use the previous sale price, which based on recent evidence cannot be relied upon.

NFTBank’s NFT pricing engine utilizes information such as minimum price, rarity and bid/ask distribution to calculate a single price value for a given NFT in a collection with an accuracy rate of more than 90%. The company has invested in an advanced machine learning-based statistical algorithm to make the pricing engine work. It already offers NFT price information for over 5,000 NFT collections and makes them available both with APIs and its own dedicated app.

“The need to properly price NFTs has become increasingly apparent as many learn the hard way about the dramatic volatility of NFT markets, while also learning the potential of NFTs as a new digital asset class,” said Daniel Kim, CEO of NFTBank. “NFTBank’s NFT price data will power Metamask’s new NFT integration, helping users make informed decisions about their portfolio.”

Commenting on the launch of the new portfolio tool, Kai Huang, Product Manager, MetaMask Portfolio dApp highlighted the company’s commitment to providing a rich NFT experience to users. Huang said users will be able to access real-time prices for the NFTs starting November 2, 2022.

“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,” Huang added.

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