New custodial features to be introduced for institutional NFT investors
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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: