Metamask, one of the leading Web3 wallets, has chosen NFTBank to power pricing information for over 5000 collections owned by its users.
Considering the fact that each NFT is unique, as well as the fact that sales transaction data is extremely limited, NFT pricing is a complex issue. Since the very early days of NFTs, NFTBank has been working towards dealing with this problem.
New Features with Partnerships
It has taken many years of research and development to be able to create an advanced statistical algorithm based on Machine Learning that can provide price estimates for individual NFTs with an accuracy of more than 90%. For a given NFT in a collection, it computes a single price based on a variety of factors, such as floor price, rarity, and bid/ask distributions, in order to determine the single price value.
There are more than 5,000 NFT collections available through the NFTBank’s APIs, and it also offers an app that lets you search for and compare the prices of those collections.
While there is no doubt that the NFT phenomenon clearly established itself in 2021, those who hold NFTs are still suffering from a lack of infrastructure. NFTs are much harder to understand than ERC-20 tokens because users are not able to see their transactions and portfolio value.
It is Metamask’s intent to provide its users with more information about the value of their NFT holdings and the value of their portfolios through its NFT portfolio product that was launched recently. Metamask intends to use NFTBank’s price estimate as a standard for estimating the value of NFT holdings and to customize the product so that it better informs its users.
It will be possible for NFT holders to see the value of their NFT portfolios at a glance.
Daniel Kim, the CEO of NFTBank, said:
“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. NFTBank’s NFT price data will be powering Metamask’s new NFT integration, helping users to make informed decisions on their portfolio.”
There are several key projects in the NFT ecosystem that rely on NFTBank to handle valuations of their NFT assets, including Chainlink, NFTfi, Pine, Stater, and Unlocked Finance. As part of the NFTBank community, Hashed, DCG, and other investors and partners contribute to its success.