MetaMask has recently launched an NFT portfolio tracking service that gives people a better picture of their NFT holdings and value. The leading Web3 wallet partnered with NFTBank to provide real-time pricing information for over 5000 NFT collections owned by MetaMask users.
This is how it will work:
NFTBank will display current price estimates on MetaMask’s new NFT portfolio product as the price standard. This will allow NFT holders to see their portfolio’s value at a glance.
According to NFTBank’s announcement, when calculating a price value, their algorithm considers parameters, like NFT floor price, bid/ask distribution, and rarity. This new tool is predicted to have an accuracy of 90% or higher.
To throw more light on the pricing prediction, NFTBank CEO Daniel Kim states:
“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.”
Coincidentally, this new portfolio tracking service launch facilitated by NFTBank is in line with MetaMask’s ongoing effort to enhance its Web3-related capabilities.
MetaMask is a community of developers and designers dedicated to democratizing access to the decentralized web, through interactions based on consent, privacy, and free association. It has a free cryptocurrency wallet software that allows users to buy, sell, and trade crypto assets for Ethereum Blockchain and host a growing array for decentralized applications (dapps).
NFTBank is an NFT portfolio management tool and valuation engine, permitting customers to make knowledgeable decisions to approximate their NFT portfolio and permit advanced DeFi use instances. It generates predictions using machine learning algorithms, which provide users with price estimates for individual NFTs within a collection. NFTBank’s ML-powered NFT valuation engine currently covers over 5000 projects with high accuracy of up to 90% and works with a number of big names within the Web3 ecosystem, including Pine, Starter, Chainlink, NFTfi, and Unlocked Finance. It’s little wonder that MetaMask chose to partner with them.