a company that helps people buy and sell crypto assets, CoinShares,has made an experimental Twitter bot called CoinSharesNFTAI that can figure out what a “fair price” is for a given NFT.
The prices of NFTs can change a lot. The Twitter bot for CoinShares collects data and tells users what price they could buy or sell a certain NFT for.
“A simple tweet can let you know how much an NFT might be worth,” CoinShares tweeted Thursday.
The company announced that the NFT pricing bot was made because its research team wanted to help investors and traders in NFTs.
CoinShares has even made a way to figure out how much “hype” there is about an NFT collection.
“To evaluate the hype of a specific collection, we can count its followers on social media platforms, as well as the volume and value of past transactions,” CoinShares told.
And although this appears to be a good idea with a pretty obvious use case, the bot doesn’t respond quickly or work for everyone. When it was tested, it took the CoinShares bot three minutes to respond.
Just at moment, the CoinShares NFT bot only has price information for 50 NFT collections. A few of the collections are “blue chips,” or expensive NFTs, like Doodles, CloneX, Bored Ape Yacht Club, and Moonbirds. However, the bot also supports a lot of collections that aren’t as well-known.
CoinShares said that it is putting most of its attention on having to add the collections that trade the most on OpenSea.
“Each week we integrate the collections that have had the most volume on OpenSea. Our pricing model needs a lot of data to give a fair price,” a CoinShares said.
However if the bot doesn’t add more features, it will probably stay a niche tool for owners of the 50 collections it supports now.
The new NFT bot doesn’t mean that CoinShares is rushing into the NFT market, either.
“We do not have a strategic plan for NFT assets other than this experimental activation,” CoinShares said.