NFTBank and MetaMask Collaborate to Enhance NFT Market Tracking

Collaboration of MetaMask and NFTBank

Through this partnership, MetaMask is introducing a new NFT portfolio tool that employs the NFTBank valuation algorithm to notify customers of the fluctuating market value of their NFTs. This alliance aims to assist customers in selecting better NFT investments for their portfolios. The statement claims that while determining a pricing value, the algorithm considers factors, including floor price, scarcity, and bid distribution. The program reportedly provides price forecasts with a 90%+ accuracy rate.

Daniel Kim, the CEO of NFTBank, stated that the necessity for knowing the correct pricing of NFTs has grown ever more evident, with many discovering the spectacular volatility of NFT markets the hard way. While concurrently realizing the potential of NFTs as a new digital asset class. The launch of the new portfolio value offering coincides with MetaMask's ongoing effort to enhance its Web3-related capabilities.

Launch of Custodial Tools

Just a few weeks before the portfolio tracker launch, MetaMask revealed another wallet functionality for its institutional users. It launched new custodial tools for NFT investment firms in partnership with Cobo NFT management.

In a recent interview, MetaMask Institutional stated that it is also looking towards expanding the knowledge and information users have access to before using the platform.

Other Price-Tracking Programs

Other NFT price-tracking programs have been developed to assist users in keeping track of changes in asset value. Former Venmo mobile head Chris Maddern developed Floor, which has a UI like Coinbase and graphs NFT pricing data.

Despite gradually increasing since the start of this year's crypto bad market, NFT values among blue-chip projects are still erratic. The resources revealed on Tuesday that the two most well-known NFT projects, Bored Ape Yacht Club and CryptoPunks, are each valued at roughly 65 ETH, or $103,000.