Forbes India 15th Anniversary Special

NFT portfolio tracker to be rolled out by MetaMask

New custodial features to be introduced for institutional NFT investors

Shashank Bhardwaj
Published: Nov 4, 2022 06:04:39 AM IST

Image: Shutterstock

The recent announcement by MetaMask reveals that the value of the users' NFT collections will now be tracked through a new MetaMask wallet through integration with NFTBank.

MetaMask, a wallet provider that allows users to hold nonfungible tokens (NFTs) on the blockchain, has announced a feature that will allow users to track their portfolio of NFTs. The company announced this new feature on November 2 and plans to add pricing information for 5,000 NFT collections held by MetaMask users in the future.

The partnership with NFTBank has reportedly opened a new utility for trading and managing NFTs. This utility includes a portfolio management tool and valuation engine. The new product uses machine learning algorithms that update users with an estimated price for individual NFTs within a collection.

The tool reportedly provides a list of factors to consider when calculating a price value, such as floor price, rarity, and bid-ask distribution. The tool offers around 90-plus per cent accuracy in predicting prices.

Daniel Kim, CEO of NFTBank and current president of the Blockchain Association of Canada, stated that the current state of the crypto makes the market and the volatility of financial instruments make understanding pricing even more important:

“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 team of MetaMask continues expanding its capabilities in the Web3 space with its latest portfolio value product release. ConsenSys is a blockchain software company that also operates as a venture production studio and incubator and plans to invest $2.4 million per year in the MetaMask Grant program.

Just sometime before the announcement of the portfolio tracker, MetaMask unveiled another wallet feature for institutions. In collaboration with Cobo, a blockchain custodian company, new custodial features were unveiled for institutional NFT investors.

In a previous interview, MetaMask Institutional said it is also exploring ways to improve the information available to users before they interact with a platform that can help them make better decisions.

Shashank is founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist.