Non-fungible token (NFT) portfolio manager NFTBank announced that it has been chosen by Metamask, a software cryptocurrency wallet used to interact with the Ethereum (ETH) blockchain to power the pricing information of more than 5000 NFT collections owned by its users. Before this time, NFTBank already offers this service to heavyweight platforms like Chainlink, NFTfi, Pine, Stater, and Unlockd Finance.
Metamask is rolling out a new suite of NFT portfolio product that is designed to alert users of the NFT holdings and their value.
The NFT portfolio manager will lay out a price estimate which will serve as the standard for Metamask NFT portfolio products. It will make the information on Metamask users’ portfolio value available to them at a glance with APIs and the use of the platform’s dedicated app.
Ordinarily, NFT pricing comes with a lot of complexities because every digital asset collectible is unique and so is its sales transaction data limited. In comparison to ERC-20 tokens where users can access their transaction data and portfolio value, the infrastructure for NFT holders has been relegated to the background.
NFTBank Brings Solution to NFT Pricing Complexities
These are the core problems that NFTBank has been attempting to profer solutions to, especially to give users access to the value of their portfolio.
After many years of hard work which brought about an advanced Machine Learning-based statistical algorithm, NFTBank backed byvHashed, DCG, and other partners and investors now provides price estimates for each NFT with more than 90% accuracy.
The NFTBank portfolio management tool and valuation engine leverage metric data like floor price, rarity, and bid/ask distribution to come up with a single price value for each NFT in a collection.
“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. NFTBank’s NFT price data will be powering Metamask’s new NFT integration, helping users to make informed decisions on their portfolio,” said Daniel Kim, the Chief Executive Officer of NFTBank
Only recently did Metamask allow its users to purchase cryptocurrencies directly from their bank accounts.