- Summary:
- Web3 wallet Metamask has chosen NFTBank as its market pricing information provider. Find out how this could impact the NFT sector.
In order to provide accurate pricing data for the 5,000+ NFT collections owned by Metamask customers, the company has partnered with NFTBank, a portfolio management tool and valuation engine for NFTs. The new NFT portfolio product from Metamask will provide its users with more detailed information about their NFT assets and their current market value. Metamask has settled on NFTBank’s estimated cost as the benchmark based on its performance and capabilities.
NFTBank price data and how it helps the market
NFTBank is now the go-to NFT valuation solution for major market projects including Chainlink, NFTfi, Pine, Stater, and Unlockd Finance. Metamask’s soon-to-be-released NFT portfolio experience uses NFTBank’s machine learning-based pricing forecasts. The tool gives NFT holders a snapshot of their portfolio’s value. In order to give accurate price projections for individual NFTs, NFTBank employs a statistical approach based on Machine Learning. Any NFT in a collection can have a single price value calculated using data points, including floor price, rarity, and the distribution of bids and offers.
Since many people have learned the hard way about the extreme volatility of NFT markets, it has become increasingly crucial to understand the appropriate pricing of NFTs. NFTBank provides APIs and a mobile app with access to price data for more than 5,000 NFT collections. Metamask’s new NFT integration will be powered by NFTBank’s NFT price data, allowing users to make informed investment decisions.
Kai Huang, Product Manager, MetaMask Portfolio dApp, said:
“NFTBank has proven itself as the ideal partner to enable this feature because of its sophisticated machine-learning models and strong infrastructure capabilities that can support MetaMask’s scale in order to provide a consistent experience for millions of MetaMask users.”
It’s difficult to get a handle on NFT pricing because each NFT is different, and there isn’t a lot of data on actual sales. Furthermore, NFT holders still face a weak infrastructure. The sector has taken a major hit amid the recent crypto market collapse, with some critics calling the entire phenomenon a bubble destined to implode.
Notwithstanding, there is still a lot to be optimistic about, especially as NFT applications grow in importance. The tokens are no longer about owning a piece of art but are also used to store crucial ownership documentation and are key pillars of web3 gaming.