In a statement from the firm, MetaMask announced the launch of a new tool that would let customers monitor the value of their NFT portfolio. More than 5,000 NFT collections will have updated price data available to wallet users.
The function is the result of a collaboration between the cryptocurrency wallet and NFTBank, a tool for managing and appraising NFTs. The platform updates its users after using machine learning algorithms to estimate prices for specific NFTs within a collection.
Given that valuing NFTs requires judgment, the tool uses a number of characteristics to provide price predictions that are up to 90% accurate. Floor price, rarity, and bid-ask distribution are a few of the criteria.
The value of the majority of NFT holders’ collections has decreased to nearly nothing since the start of the bear market. According to Daniel Kim, CEO of NFTBank, understanding pricing is even more crucial given the present situation of the market and the extreme volatility linked to digital assets. Nevertheless, the tool’s purpose is to assist users in determining the “appropriate price” of their NFTs.
The Launch of MetaMask NFT Portfolio Tracker coincides with the Platform’s expansion of Web3 capabilities
The most recent offering from MetaMask, which has been actively enhancing its capabilities inside the Web3 market, is the portfolio value tracker. ConsenSys has already committed to spending $2.4 million annually to support the establishment of a MetaMask Grants DAO, which will be managed by the wallet’s staff and provide funding to third parties so they may create new components for its ecosystem.
One month ago, MetaMask and Cobo released custodial features for institutional investors interested in NFTs. This month, they released a portfolio tracker. Due to the integration, institutional clients could designate roles for various individuals within a company, dictating who could buy, sell, and trade according to the administrator’s preferences.
