MetaMask Launches NFT Value Tracking With NFTBank
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In order to create a new NFT value monitoring function, NFTBank, an NFT management tool, and the Ethereum-based digital asset wallet MetaMask have joined forces. Users will be able to monitor the value of their NFTs thanks to the new functionality.
The custodial services provider acknowledged its new collaboration with NFTBank to set up the new NFT price monitoring tool in a press release on November 2. Collectors will be able to effortlessly monitor the values of their NFTs portfolio thanks to the new utility function.
Value Tracking for MetaMask NFT
It's important to remember that NFT pricing is a complicated problem in the cryptocurrency sector, particularly given the current bad market. It's interesting to note that NFTBank's new NFT tracking tool aims to address this problem.
In accordance with the new cooperation, NFTBank plans to make its forecast accessible through APIs and a dedicated app to more than 5,000 NFT collections owned by MetaMask users.
The statement states that NFTBank would employ sophisticated machine learning-based statistical methods to predict prices for specific NFTs within a collection for crypto and NFT customers.
The method used by NFTBank to determine the pricing worth of an NFT collection takes into account all trade factors, including NFT floor price, rarity, and bid. NFTBank estimates that the new portfolio monitoring capability will provide price forecasts with around 90% accuracy.
Daniel Kim, the CEO of NFTBank, noted that the present market conditions and volatility make understanding pricing even more essential when speaking about the new value monitoring tool. The senior executive clarified:
“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.”
MetaMask Keeps Increasing Web3 Capabilities
Over the last several weeks, MetaMask has increased the range of Web3 services it can provide. Its parent firm ConsenSys said last week that it will provide $2.4 million yearly to assist MetaMask in becoming a decentralized autonomous organization (DAO).
The DAO will be run by MetaMask staff, claims ConsenSys. Grants will be given to outside developers who are constructing inside the ecosystem. Additionally, MetaMask just introduced a comparable portfolio tracker for its institutional clients after collaborating with Cobo NFT management business.