Reports said that MetaMask users will now have the ability to track the value of their nonfungible token (NFT) portfolio through its latest product.
It has been reported that the wallet provider announced a new feature that will bring updated pricing information for the over 5,000 NFT collections held by MetaMask users. The new utility comes as a result of a partnership with NFTBank, an NFT portfolio management tool, and valuation engine.
However, 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 consideration parameters such as floor price, rarity, and bid-ask distribution when calculating a price value. The tool allegedly offers around 90-plus percent accuracy in price predictions.
Daniel Kim, the CEO of NFTBank, said:
“The need for understanding the appropriate price of NFTs has become ever more clear with many learning the dramatic volatility of NFT markets the hard way.”
The report said that the new portfolio value product comes as MetaMask continues to expand its capabilities in the Web3 space. Recently, news broke that blockchain software company ConsenSys plans to commit $2.4 million every year to help launch the MetaMask Grants decentralized autonomous organization.
The DAO will be led by MetaMask employees and issue grants to external developers to build within the ecosystem. MetaMask also unveiled another wallet feature for institutions, just weeks before the announcement of the portfolio tracker. In collaboration with Cobo, it unveiled new custodial features for institutional NFT investors.
Thus, previously, MetaMask Institutional said it is also exploring improving education and information available to users before interacting with the platform.