NFTBank’s NFT pricing is set to power Metamask’s new NFT portfolio tracking
November 2, 2022 – Seoul, Korea
NFTBank has been selected by Metamask, the leading Web 3.0 wallet, to power price information for over 5,000 NFT pools owned by Metamask users.
NFT pricing is a complex issue Otherwise, each NFT is unique, but sales transaction data is also extremely limited. NFTBank has tried to tackle this problem from the earliest days of NFTs. The years of work led to an advanced machine learning based statistical algorithm to provide price forecasts for individual NFTs with over 90% accuracy.
It uses information such as minimum price, rarity and bid/ask distribution to calculate a single price value for a given NFT in a collection. NFTBank offers price 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, the infrastructure for NFT holders still lags. For example, while users can see the transactions and portfolio value for ERC-20 tokens, this is much more difficult for NFTs.
Recognizing the importance of NFT price information to its users, Metamask is launching a new NFT portfolio product that better informs users of their NFT holdings and their value, and decided to use NFTBank’s price estimate as the price benchmark.
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 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. NFTBank’s NFT price data will drive Metamask’s new NFT integration, helping users make informed decisions about their portfolio.”
Kai Huang, Product Manager of MetaMask Portfolio DApp, said:
“MetaMask continues to provide a rich NFT experience, and enabling price information for our users within the portfolio DApp is another step forward. Starting today, our users can receive real-time price updates and values on the NFTs they have acquired across of all accounts to enable them to make informed decisions.
“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.”
NFTBank has already become NFT’s 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 enabling 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.
Consult
Jen Kim, product manager at NFTBank
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