A new MetaMask wallet utility will allow users to track the value of their NFT collections thanks to a recent partnership with NFTBank.
Users of MetaMask’s latest product will be able to track the value of their nonfungible token (NFT) portfolio.
On November 2, the wallet provider announced a new feature that will bring updated pricing information for MetaMask users’ over 5,000 NFT collections.
The new service is the result of a collaboration with NFTBank, an NFT portfolio management tool and valuation engine.
NFTBank generates predictions using machine learning algorithms, which provide users with price estimates for individual NFTs within a collection.
According to the announcement, when calculating a price value, the algorithm considers parameters such as floor price, rarity, and bid/ask distribution. The tool is said to have a price prediction accuracy of 90% or higher.
Daniel Kim, CEO of NFTBank also noted that the current state of the market and volatility make understanding pricing even more important.
The new portfolio value product comes as MetaMask continues to expand its Web3 capabilities.
The blockchain software company ConsenSys recently announced plans to commit $2.4 million per year to help launch the MetaMask Grants decentralized autonomous organization (DAO).
The DAO will be led by MetaMask employees in order to grant grants to external developers in order for them to build within the ecosystem.