Metamask Launches New Pricing Feature For NFT Users
Metamask, a web3 wallet, has collaborated with NFTBank, a company that develops NFT price-tracking tools, to create a new, accurate pricing feature.
NFTBank claims that its machine learning algorithm, which considers floor price, rarity, and bid/ask distribution for NFTs, can provide over 90% accuracy in its prediction.
MetaMask’s latest product will be able to track the value of a non-fungible token (NFT) using data provided by NFTbank.ai.
On November 2, the wallet provider announced the new feature, detailing that it will provide updated pricing information for MetaMask users’ over 5,000 NFT collections.
What is The Goal of the New Pricing Feature
The new feature is the result of a collaboration of Metamask with NFTBank, an NFT portfolio management tool, and valuation engine. NFTBank uses machine learning algorithms to generate predictions, which provide users with price estimates for individual NFTs within a collection.
According to a press release, the algorithm considers parameters such as floor price, rarity, and bid-ask distribution when calculating a price value. The tool is said to have a 90% or higher price prediction accuracy.
The latest product from Metamask wallet aims to provide the most accurate price for NFT collections, allowing users to make better decisions about their NFT portfolios. Kai Huang, product manager at MetaMask Portfolio, stated in a statement:
“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.”
Just weeks before the portfolio tracker was announced, MetaMask unveiled another wallet feature for institutions. It unveiled new custodial features for institutional NFT investors in collaboration with Cobo.
In a previous interview with Cointelegraph, MetaMask Institutional stated that it is also looking into improving user education and information before interacting with the platform.
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