MetaMask users will now have the ability to track the value of their non-fungible tokens (NFTs) through their latest product. The wallet provider announced a new feature on November 2, which will provide up-to-date information on the prices of the more than 5,000 NFT collections held by MetaMask users.
The new feature is the result of a partnership with NFTBank, an NFT investment management tool and valuation engine. To create its predictions, NFTBank uses machine learning algorithms that update users with price estimates for individual NFTs within a collection.
According to the announcement, the algorithm takes into account parameters such as minimum price, rarity, and supply and demand distribution when calculating the price value. The tool supposedly offers price predictions with an accuracy of more than 90%.
Daniel Kim, CEO of NFTBank, said that the current market situation and volatility make understanding prices even more crucial.
“The need to understand the proper pricing of NFTs has become more apparent as many have learned the dramatic volatility of NFT markets the hard way.”
The portfolio’s new value product comes at a time when MetaMask continues to expand its capabilities in the Web 3.0 space.
News recently broke that blockchain software company ConsenSys plans to allocate $2.4 million each year to help launch the MetaMask Grants decentralized autonomous organization (DAO). The DAO will be run by MetaMask employees for the purpose of issuing grants to third-party developers to build within the ecosystem.
MetaMask also unveiled another wallet feature for its institutional users, just weeks before the wallet tracker announcement. In collaboration with Cobo NFT management, he unveiled new custody features for institutional investors in NFTs.
In a previous interview with Cointelegraph, MetaMask Institutional said that it is also exploring improving the education and information available to users before they interact with the platform.
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