MetaMask has chosen NFTBank as a provider of information on the prices of non-exchangeable tokens from the more than 5,000 collections available to Web3-wallet users.
According to project representatives, NFT pricing is a complex problem: each asset is unique and transaction data is extremely limited.
The tool from NFTBank uses a static algorithm based on machine learning. It uses data like minimum price, rarity, and request/bid ratio to determine quotes with a claimed accuracy of more than 90%.
NFTBank CEO Daniel Kim has said:
“The need to understand the appropriate NFT price became apparent when many realized the volatility of assets and simultaneously assessed their potential. The data from NFTBank will provide new NFT integration capabilities for MetaMask, helping users make informed portfolio decisions.”