According to a company statement, MetaMask is introducing a new feature that will allow its users to track the value of their NFT portfolio. Users of the wallet will be able to see updated pricing information for more than 5,000 NFT collections.
The feature is the result of a partnership between the crypto wallet and NFTBank, a tool that helps manage and value NFTs. The platform employs machine learning algorithms to come up with price estimates for individual NFTs within a collection and then updates its users.
Given that the valuation of NFTs is subjective, the tool employs a bunch of parameters to come up with price estimates with up to 90% accuracy. Some of the parameters include floor price, rarity, and bid-ask distribution.
Since the onset of the bear market, most NFT holders have seen the value of their collections go to almost zero. Daniel Kim, CEO of NFTBank, believes the current state of the market and the rampant volatility associated with digital assets make understanding pricing even more important. That said, the tool is meant to help users understand the “appropriate price” of their NFTs.
MetaMask NFT Portfolio Tracker Comes At A Time When The Platform Is Expanding Its Web3 Capabilities
The portfolio value tracker is the latest product by MetaMask, which has been busy expanding its capabilities within the Web3 space. Already, ConsenSys has promised to commit $2.4 million every year to help launch a MetaMask Grants DAO that will be run by the wallet’s employees and fund external developers to build within its ecosystem.
The portfolio tracker comes one month after MetaMask partnered with Cobo to release custodial features for institutional investors interested in NFTs. The integration allowed institutional clients to assign roles to different parties within a company, thereby dictating buying, trading, and selling as allowed by the administrator.