Hassan Maishera
MetaMask is launching a new nonfungible token feature, enabling users to check their portfolio's performance at a glance. The leading Web3 wallet provider has selected NFT portfolio management solution NFTBank to provide pricing data for the product.
NFTBank uses machine learning to estimate prices for NFTs. The system can reportedly provide accurate pricing information for any single NFT from more than 5,000 collections.
MetaMask brings on NFTBank to build out NFT infrastructure
NFT mania has certainly quietened down since the heady days of 2021. Figures from Cryptoslam.io show the total sales volume for September 2022 was $550 million. Comparatively, September 2021's total volume was over $3.3 billion.
Yet, the niche is far from dead. Alongside new collections coming to market, teams are creating infrastructure improvements that will make analyzing and participating in the sector easier.
Among those demonstrating support for the niche is MetaMask. According to a recent press release, the popular Web3 wallet provider is developing a feature that will enable NFT collectors and traders to monitor their portfolio's performance at a glance.
Supplying MetaMask's latest product with price data will be NFTBank. The platform uses a machine learning-based algorithm that reportedly delivers prices for more than 5,000 collections with greater than 90% accuracy.
The product aims to make consulting an NFT portfolio as straightforward as checking a regular crypto asset portfolio. Users will be able to consult their NFT collection's overall gains or losses over time, enabling them to estimate its value and include it within a broader portfolio assessment.
Daniel Kim, NFTBank's CEO, commented on the problem that MetaMask's new feature purports to solve:
"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."
Kai Huang, the Product Manager for MetaMask's new portfolio feature, added:
"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."
Crunching the numbers to estimate NFT prices
The press release states that NFTBank estimates prices for individual NFTs based on various data points. They include the collection's current floor price, the item's rarity, and the distribution of bids and asks on a specific NFT.
Prices are then made available via an API and within NFTBank's dedicated application. MetaMask's latest product will collate the price estimates of a user's NFTs and produce an overview of their portfolio's performance.
NFTBank is already providing price estimates to several well-known projects in the NFT sector, including Chainlink, Pine and Unlockd Finance. Meanwhile, the likes of Hashed and Digital Currency Group have backed the platform financially.
