Popular crypto wallet MetaMask has onboarded NFTBank to power necessary pricing information with APIs for about 5000 NFT collections owned by its users on its new NFT portfolio product.
The limited sales transaction data of NFT poses complications in terms of its pricing, as reported in a press release shared with Cryptoslate.
“While the NFT phenomenon clearly establishing itself in 2021, infrastructure for NFT holders is still lagging. For example, while users can see their transactions and portfolio value for ERC-20 tokens, this is much harder for NFTs.”
To resolve the issue, NFTBank developed an advanced Machine Learning-based statistical algorithm. This algorithm helps to ensure price estimates for every NFT.
The tech is 90% accurate and usually employs information like floor price, rarity, and bid distribution to compute the value of a single price for any NFT enveloped in a given collection. Daniel Kim, the CEO of NFTBank, said:
“The need for understanding the appropr
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