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- MetaMask will use NFTBank’s ML-based price estimates to source accurate pricing information for its NFT collections.
- NFTBank works on bringing transparency to the NFT pricing market offering more than 90 percent accuracy.
On Monday, October 31, Metamask, one of the most popular Web3 wallets announced its partnership with NFTBank. As part of the deal, NFTBank will power the pricing information for more than 5000 NFT collections owned by Metamask users.
With each NFT being unique, NFT pricing becomes a complex issue. Furthermore, it’s really difficult to keep pricing info as sales transaction data is very limited. NFTBank specializes in tackling this issue in the NFT market.
NFTBank works as an NFT portfolio management tool and valuation engine. This allows users to make informed decisions about their NFT portfolios while enabling advanced DeFi use cases. To provide pricing accuracy to different NFTs, NFTBank leverages advanced Machine Learning-based statistical algorithms. This helps it provide NFT pricing estimates with more than 90 percent accuracy.
NFTBank uses key information like floor price, bid/ask distribution, and rarity to compute the price of an NFT in an entire collection. It provides pricing information for more than 5,000 NFT collections while making them available with both APIs and its own dedicated app. In a press release shared with Crypto News Flash, 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.
NFTBank is Addressing the Challenges of the NFT Market
Non-fungible tokens (NFTs) have been in the crypto space for a while. However, it was the bull run of 2021 when the NFT phenomenon took off. But as the speed of NFT adoption is increasing rapidly, the infrastructure supporting it is still lagging.
As a result, the NFT price information is very important for its users. As a result, MetaMask is launching a new NFT portfolio that keeps users informed about their NFT holdings and their value. For this reason, they have joined hands with the trusted player NFTBank. Powered using NFTBank’s ML-based price estimates, Metamask users will be easily able to see the NFT portfolios at a glance.
Kai Huang, Product Manager, MetaMask Portfolio dApp said:
MetaMask continues to provide a rich NFT Experience, and enabling pricing information for our users within the portfolio dapp is another step forward; beginning today, our users can get real-time price updates and values about the NFTs they’ve acquired across all accounts to enable them to make informed decisions.
“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,” he added.
MetaMask is not the first to use NFTBank’s services. Previously, popular names like Chainlink, NFTfi, Pine, and Stater have used NFTBank’s NFT valuation services.
