November 7, 2022
By Sharan Kaur Phillora
Metamask announced a partnership with NFTBank to provide users with NFT portfolio values. The action intends to address the long-standing issue of notifying NFT holders of the value of their NFTs. Although users may easily determine the value of their cryptocurrency portfolio, the unique nature of NFTs makes valuation challenging.
Here’s what we know:
Using a machine learning system, NFTBank generates values that are 90% accurate. The method determines a particular value for the NFT by taking into account variables such as the collection’s floor price, the NFT’s rarity score, and the bid/ask distribution.
“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,” said Daniel Kim, the CEO of NFTBank.
According to MetaMask, the NFTBank API will be integrated directly into users’ Web3 wallets, allowing NFT holders to quickly view the value of their portfolios. The NFT pricing estimates provided by NFTBank will therefore be considered the “price standard” by MetaMask users, the most widely used Web3 wallet, with millions of users.
MetaMask also asserted in a statement that the goal is to provide users the ability to manage their NFT portfolios more effectively. However, it made no remark regarding the completion date of the integration between NFTBank and the MetaMask wallets.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.