Today, November 2, NFTBank has just announced the choice of Metamask to use its service to list the price of more than 5000 NFT collections via its crypto wallet for all users holding NFTs.
News that will delight anyone with a Metamask crypto wallet and especially NFTs. Knowing the price of your cryptos and NFTs directly via your wallet is extremely useful data, but it is not so easy to define, especially for NFTs and their uniqueness.
So today NFTBank announced that Metamask would now use his services to show the price of NFTs of more than 5000 collections via its portefeuille crypto. It should be understood that unlike crypto-currencies, it is much more complex to retrieve the prices of NFTs, in particular because they are unique and there is also little information on sales.
Nevertheless, since the explosion of NFTs in the cryptocurrency industry, NFTBank has worked hard to provide a viable solution. After several years, a system developed by this company was born. These are several algorithms mixing statistics and machine learning that can predict the price of a single NFT with 90% accuracy.
Pour determine the price of each NFT in a specific collection, the program takes into account various factors such as the average price, the rarity of the NFT and the auctions concerning each NFT as well as the demand around it.
According to NFTBank CEO Daniel Kim:
The need to understand the price of NFTs has become increasingly clear with the high volatility and market difficulties and simultaneously learn the potential of NFTs as a new digital asset class.
The NFT price database thanks to NFTBank will help Metamask and its users to monitor the price of their NFTs to make the right decisions.
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How NFTBank works
The NFTBank program is therefore an algorithm using machine learning to predict the price of NFT among more than 5000 collections and make it accessible through their API (Application Programming Interface) and their own application.
Even though NFTs are more common in the crypto industry these days, the infrastructure to help owners of these assets remains sluggish. The users and ERC-20 token holders for example can consult the value of their assets, but doing the same for NFTs is much more complex.
Fortunately, with NFTBank’s solution things will change from now on even though the predictions do not reach 100%, 90% remains a significant number and will guide users on the choices to do with the NFTs they hold.
If Metamask decided to use the solution of NFTBank within his crypto portfolio this is not trivial. First of all, the company considers it essential to be able to inform its users with reliable data and the price is certainly one of these most important data.
Next, Metamask foresees in the future a new product where it will be possible to store its NFTs in a more convenient way and obviously having the possibility of displaying the price of its NFTs is essential. Thanks to Metamask, users will soon be able to display the price of their NFTs instantly with the NFTBank solution.
According to Kai Huang, product manager at Metamask, NFTBank is the ideal partner:
NFTBank is the ideal partner to achieve this functionality thanks to its powerful machine learning model as well as its ingrained infrastructure that can support the development of Metamask and its large number of users in order to produce an effective user experience.
It should be noted that NFTBank is already a solution whose use no longer needs to be proven. Indeed, Chainlink, NFTfi or even Unlockd Finance in the cryptocurrency industry are already using this program for their own needs.
Metamask continues to develop. One of the most popular crypto wallets recently launched its Portfolio Dapp : an entirely new way to manage your tokens and NFTs via multiple blockchains and multiple accounts. By now listing the price of NFTs, it is a further step towards this desire to provide reliable and useful information.