It is today, November 2nd, that NFTBank has just announced the choice of Metamask to use its service to list the price of more than 5000 NFT collections via its crypto wallet for all users holding NFTs.
A news that will delight all those with a crypto wallet Metamask and especially NFTs. Knowing the price of your cryptos and NFTs directly via your wallet is extremely useful data, but it is not so easy to define especially for NFTs and their uniqueness.
The choice of NFTBank by Metamask.
So today NFTBank announced that Metamask will now use its services to indicate the NFT price of more than 5000 collections through its crypto wallet. It must be understood that unlike crypto-currencies, it is much more complex to recover the prices of NFTs especially because they are unique and there is also little information on sales.
Nevertheless, since the explosion of NFTs in the cryptocurrency sector, NFTBank has been working hard to provide a viable solution. After several years, a system developed by this company was born. These are several algorithms combining statistics and machine learning that can predict the price of a single NFT with 90% accuracy.
To determine the price of each NFT in a specific collection, the program takes into account various factors such as the average price, the rarity of the NFT and the bidding for each NFT as well as the demand around it.
According to NFTBank CEO Daniel Kim:
"The need to understand the price of NFTs has become increasingly clear with the high volatility and difficulties of the market and simultaneously learn the potential of NFTs as a new class of digital assets."
The NFT price database through NFTBank will help Metamask and its users monitor the price of their NFTs to make the right decisions.
How NFTBank works
NFTBank's program is therefore an algorithm using machine learning to predict the price of NFTs among more than 5000 collections and make it accessible via their API (Application Programming Interface) and their own application.
Even though NFTs are more common in the crypto industry these days, the infrastructure to help the owners of these assets remains at an early stage. Users and holders of ERC-20 tokens, for example, can view the value of their assets, but doing the same for NFTs is much more complex.
Fortunately, with the NFTBank solution things will change from now on even if the predictions do not reach 100%, 90% remains a significant number and will guide users on the choices to make regarding the NFTs they hold.
Metamask considers it important to display prices.
If Metamask has decided to use the NFTBank solution within its crypto wallet this is not trivial. First of all, the company considers it paramount to be able to inform its users with reliable data and price is certainly one of these most important data.
Then, Metamask plans in the future a new product where it will be possible to store its NFTs more conveniently and obviously having the possibility to display the price of its NFTs is essential. Thanks to Metamask, users will soon be able to display the price of their NFTs instantly with NFTBank's solution.
According to Kai Huang, Product Manager at Metamask, NFTBank is the ideal partner:
"NFTBank is the ideal partner to enable this functionality thanks to its powerful machine learning model as well as its anchored infrastructure that can support the development of Metamask and its large number of users to produce an efficient user experience."
It should be noted that NFTBank is already a solution whose use is no longer to be proven. Indeed, Chainlink, NFTfi or Unlockd Finance in the cryptocurrency industry already use this program for their own needs.
Metamask continues to grow. One of the most popular crypto wallets had recently launched its Portfolio Dapp: an entirely new way to manage its tokens and NFTs via multiple blockchains and multiple accounts. By now listing the price of NFTs, it is a further step towards this desire to provide reliable and useful information.
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