Popular crypto wallet MetaMask has onboarded NFTBank to power necessary pricing information with APIs for about 5000 NFT collections owned by its users on its new NFT portfolio product.
The limited sales transaction data of NFT poses complications in terms of its pricing, as reported in a press release shared with Cryptoslate.
“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.”
To resolve the issue, NFTBank developed an advanced Machine Learning-based statistical algorithm. This algorithm helps to ensure price estimates for every NFT.
The tech is 90% accurate and usually employs information like floor price, rarity, and bid distribution to compute the value of a single price for any NFT enveloped in a given collection. 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.”
In addition, MetaMask’s upcoming NFT portfolio experience will allow NFT holders to view the value of their portfolio at a glance, utilizing NFTBank’s ML-based price estimates. 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,”
NFTBank established itself as a cryptocurrency powerhouse before its recent collaboration with MetaMask. The firm provides NFT valuation solutions for prominent projects like Chainlink, NFTfi, Pine, Stater, and Unlockd Finance.
Further, amid the ongoing developments, MetaMask has enjoyed several privileges that have helped the wallet provider strengthen its position in digital assets. Opera crypto browser recently integrated MetaMask wallet on its browser, allowing users to switch to wallets seamlessly without having to go through tedious setup steps.