One of the most popular crypto wallets MetaMask has partnered with NFTBank to power necessary pricing information with its new NFT portfolio product for about 5000 NFT collections owned by its users. MetaMask intends to resolve NFT pricing complications using an advanced machine-learning algorithm.
On October 31, Metamask announced its partnership with NFTBank. As part of the deal, NFTBank will power the pricing information for more than 5000 NFT collections, as the limited sales transaction data of NFT poses complications in terms of its pricing.
“While the NFT phenomenon clearly establishing itself in 2021, infrastructure for NFT holders is still lagging. For example, while users can see their transactions and portfolio value for ERC-20 tokens, this is much harder for NFTs,” the press release reads.
NFTBank developed an advanced machine learning-based statistical algorithm to resolve the issue, helping to estimate prices for every NFT.
With 90% accuracy, the technology usually employs data variety, including floor price, rarity, and bid distribution, to compute the price for any NFT in a given collection.
“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,” Daniel Kim, NFTBank CEO, said.
Moreover, the upcoming NFT portfolio feature will allow NFT holders to view the value of their portfolio at a glance in their MetaMask wallets.
“MetaMask continues to provide a rich NFT Experience, and enabling pricing information for our users within the portfolio DApp is another step forward,” said Kai Huang, Product Manager, MetaMask Portfolio DApp.
Prior to the latest collaboration with MetaMask, NFTBank established itself as a cryptocurrency powerhouse. It already provides NFT valuation solutions for prominent projects like Chainlink, Pine, NFTfi, Stater, and Unlockd Finance.
Lately, MetaMask also got several privileges that have helped the wallet provider strengthen its position in digital assets. Crypto browser Opera has integrated MetaMask wallet on its browser, allowing users to switch to wallets seamlessly without having to go through an extended setup process.