Quick take:
- MetaMask has collaborated with NFTBank to bring real-time NFT pricing to its users.
- The leading web3 wallet provider will integrate NFTBank’s NFT pricing engine into the more than 5,000 NFT collections owned by its users.
- MetaMask is trying to address the complex issue facing NFT pricing to help users track the value of their NFTs.
MetaMask has announced a partnership with NFTBank. The ConsenSys subsidiary wants to bring real-time NFT pricing to its users. MetaMask will integrate NFTBank’s intuitive NFT pricing engine and portfolio management tool into more than 5,000 NFT collections owned by its users.
The company wants to offer users more than 90% accuracy on NFT pricing, giving them an instantaneous valuation of their portfolios.
NFT pricing has been one of the most complex issues since the phenomenon emerged in 2017. A non-fungible token (NFT) is a cryptographic file created on the blockchain to provide proof of ownership of a digital collectible, a music track, a video clip, digital merchandise or a JPEG.
NFTs became a trendy buzzword during the pandemic as mainstream brands and celebrities pounced in pursuit of alternative revenue channels.
However, the issue of pricing has continued to persist, despite the emergence of several on-chain data and analytics tools. NFT floor prices (the lowest price of an NFT in a collection) have continued to exhibit high levels of volatility, while the difference between the cheapest and the most expensive NFT in a given collection can be as high as millions of dollars.
This makes it difficult for NFT holders to determine the value of their NFTs, unless they use the previous sale price, which based on recent evidence, cannot be relied upon.
NFTBank’s NFT pricing engine leverages information such as floor price, rarity, and bid/ask distribution to compute a single price value for any given NFT in a collection with an accuracy rate of more than 90%. The company has invested in an advanced Machine Learning-based statistical algorithm to make the pricing engine work. It already offers NFT pricing information for over 5,000 NFT collections and makes them available both with APIs and its own dedicated app.
“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,” said Daniel Kim, the CEO of NFTBank. “NFTBank’s NFT price data will be powering Metamask’s new NFT integration, helping users to make informed decisions on their portfolio.”
Commenting on the launch of the new portfolio tool, Kai Huang, Product Manager, MetaMask Portfolio dApp highlighted the company’s commitment to providing a rich NFT experience to its users. Huang said users will access real-time pricing for the NFTs beginning November 2, 2022.
“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,” added Huang.
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