NFTBank is famous for using machine learning algorithms that continuously offer updates for users with price estimates for every item within a collection.
Web3 wallet MetaMask has announced a partnership agreement with a nonfungible token portfolio management tool and valuation engine, NFTBank. That will help bring updated pricing information for the more than 5,000 NFTs owned by MetaMask users. NFTBank uses machine learning algorithms to continuously offer updates for users with price estimates for all items within a collection and make them accessible via application programming interfaces (APIs) and its app.
The CEO of NFTBank, Daniel Kim, thinks that understanding pricing is highly important in this market condition. He said:
“The need for understanding the appropriate price of NFTs has become ever clearer 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.”
Nonfungible tokens pricing has been quite complicated as every item is unique and has minimal information on sales transactions. On the other hand, ERC-20 token users can see the value of their transactions and portfolio on various trading platforms like Dash 2 Trade but very challenging with nonfungible tokens.
To give a viable solution for this, NFTBank introduced a statistical system that is based on machine learning that can develop price predictions of over 90% accuracy for every NFT. The platform considers some factors including “the floor price, the rarity of the item, and the bid/ask distribution,” to accurately determine the price value of each particular NFT within a collection.
Kim stated:
“NFTBank’s NFT price data will be powering MetaMask’s new NFT integration, helping users to make informed decisions on their portfolio.”
Based on the report, that decision was made since MetaMask would launch a new NFT portfolio product soon. Kai Huang, Product Manager, MetaMask Portfolio dApp, commented:
“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.”
MetaMask has now sought to expand its capabilities in the Web3 space. It was recently said that blockchain software firm ConsenSys aims to invest $2.4 million annually for the launch of MetaMask Grants decentralized autonomous organization (DAO). MetaMask employees would lead this DAO and offer grants to external developers to build within the ecosystem based on reports.
Moments after introducing the portfolio tracker, MetaMask also confirmed the unveiling of a new wallet feature for institutions. In collaboration with Cobo, it launched a custodial feature for institutional nonfungible token investors.
Notably, the retail browser plug-in wallet went past 30 million users this year. In October 2021, MetaMask institutional was unveiled to benefit from the rising allocation of considerable amounts of capital into decentralized finance (DeFi) marketplaces via the MetaMask retail wallet within that time.
