New Metamask feature to track the value of your NFTs

MetaMask will include a new feature to keep track of the values of the NFTs held in the wallet or purse, thanks to a linkage with NFTBank.

MetaMask is developing a product to launch to the market, and add it to the other stocks already known to users. In this way, it informs them of the holdings in non-fungible tokens, and at what amount they are trading.

On November 2, the crypto wallet provider announced a new feature that will allow Metamask users to receive price updates on more than 5,000 NFT collections in their wallets.

NFTBank is a crypto portfolio management tool and asset valuation engine, allowing users to make informed decisions regarding the NFTs in their portfolio, and enabling advanced use cases in decentralized finance.

This NFT pricing specialist already has many large clients in the ecosystem to which it provides its services, such as Chainlink, NFTfi, Unlockd Finance, among others.

NFTBank uses an advanced statistical algorithm based on machine learning, in which it takes into account certain characteristics that are common to all NFTs, such as the minimum price, rarity, and even the supply and demand ratio of each collection, in order to make its predictions and determine an estimated value of the token.

This prediction and determination of the price of an NFT is quite complicated, since each NFT is unique and therefore no two are alike, and the information on each sales transaction is also limited.

NFTBank CEO Daniel Kim stated that the current market situation and the volatility of digital assets cause price understanding to become increasingly relevant and important. Going into more detail, he argued that the need for people to understand the proper value of a non-fungible token is becoming more and more apparent, as many of them have learned from bad experiences the high volatility that the NFT market suffers from.

On the other hand, Kai Huang, who holds the role of Product Manager of MetaMask, added that the company continues to provide enriching experiences in the NFT field, and enabling valuation information for users within the wallet application is a great step forward.

In recent news, blockchain software company ConsenSys plans to contribute approximately $2.4 million per year to help launch the DAO (Decentralized Autonomous Organization) MetaMask Grants.

This DAO is managed by MetaMask employees. One of the main objectives is to provide grants to developers who are developing products and services within MetaMask and the web3 world in general.

In principle, the project will run for 12 months in order to analyze its viability, and the DAO will process votes and proposals through SnapShot.

The DAO itself is composed of three parts. The first is the leadership, which is composed of more than 900 employees. The second is a leadership committee or Mini DAO, which is composed of seven people. The third is a multi-signature secure wallet overseen by ConsenSys, which administers the token contract.

Written by Luciano Garriga (TW:@luchogarriga) for NFT Express