Web3 wallet MetaMask will launch a new feature in partnership with NFTBank, making it easier for its users to track the price of their non-fungible token (NFT) collections, NFTBank said in a press release on 2 November.
According to the announcement, MetaMask’s new NFT portfolio feature — which will provide users with updated pricing information for over 5,000 NFT collections — will be powered by NFTBank’s valuation engine. The goal of the wallet’s latest product is to provide the most accurate price for NFT collections, enabling users to make better decisions about their NFT portfolios. MetaMask Portfolio’s product manager, Kai Huang, said in a statement:
“NFTBank has proven itself as the ideal partner to enable this feature because of its sophisticated machine-learning models and strong infrastructure capabilities that can support MetaMask’s scale in order to provide a consistent experience for millions of MetaMask users.”
In order to give accurate price predictions, NFTBank uses machine learning-based statistical algorithms that provide estimates on the price of individual NFTs within a collection. Its valuation engine takes into account information such as floor price, rarity, and bid/ask distribution when calculating the approximate price of an NFT, with NFTBank claiming it can offer above 90% accuracy in its predictions.
Back in September, the web3 wallet also partnered with NFT management and storage service Cobo, giving its MetaMask Institutional (MMI) clients access to an institutional-level NFT custodial service. In order to boost the development of MetaMask’s web3 ecosystem, blockchain technology firm ConsenSys revealed last week that it will spend around $2.4 million each year to fund the newly launched MetaMask Grants DAO.