A new MetaMask wallet utility will enable users to monitor the value of their NFT collections, thanks to a recent cooperation with NFTBank.
Users of MetaMask will now be able to track the value of their portfolio of nonfungible tokens (NFTs) via its newest offering. The wallet provider announced on November 2 a new feature that will provide current pricing data for the over 5,000 NFT collections held by MetaMask customers.
The new utility is the outcome of a collaboration with NFTBank, a portfolio management and valuation engine for NFTs. NFTBank uses machine learning techniques to make its forecasts, which provide customers with updated price projections for individual NFTs within a collection.
According to the statement, when computing a pricing value, the algorithm takes into account criteria such as the floor price, rarity, and bid/ask distribution. The technology reportedly provides price forecasts with an accuracy of above 90 percent.
The current market condition and volatility, according to Daniel Kim, CEO of NFTBank, make understanding pricing even more critical.
“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.”
The new portfolio value product comes as MetaMask keeps adding to its Web3 offerings.
ConsenSys, a company that makes blockchain software, will give $2.4 million every year to help start up the MetaMask Grants decentralized autonomous organization (DAO). MetaMask employees will run the DAO and give grants to outside developers who want to build in the ecosystem.
A few weeks before the portfolio tracker was announced, MetaMask also showed off a new wallet feature for its institutional clients. It showed off new custodial features for NFT institutional investors with the help of Cobo NFT management.
MetaMask Institutional said that it is also looking into ways to give users more education and information before they use the platform.