MetaMask Reviewed NFT Token Portfolio Value Tracking Features

JAKARTA - MetaMask users will now have the ability to track the value of their nonfungible token portfolio (NFT) through their newest product. This crypto wallet provider announced a new feature on November 2 that will bring up-to-date price information for more than 5,000 NFT collections owned by MetaMask users.

This new utility comes as a result of partnerships with NFTBank, portfolio management tools and NFT scoring machines. To make predictions, NFTBank uses machine learning algorithms that update users with price estimates for each NFT in the collection.

According to the announcement, the algorithm considers parameters such as base prices, scarcity, and bid-ask distribution when calculating price values. The tool is estimated to offer an accuracy of about 90 percent more in price prediction.

Daniel Kim, CEO of NFTBank, said the current market conditions and volatility make price understanding more important.

"The need to understand the right price of NFT is getting clearer with many studying the dramatic volatility of the NFT market in a difficult way," Kim said, quoted by Cointelegraph.

The portfolio value product is only present as MetaMask continues to expand its capabilities in Web3 space.

Recently, news broke that blockchain software firm ConsenSys plans to provide $2.4 million annually to help launch the MetaMask Grants decentralized autonomous organization. DAO will be led by MetaMask employees and provide grants to external developers to build in the ecosystem.

MetaMask also launched another wallet feature for institutions, just weeks before the announcement of portfolio trackers. In collaboration with Cobo, they launched a new custodial feature for institutional NFT investors.

In an earlier interview with Cointelegraph, MetaMask Institutional said it was also exploring improving education and information available to users before interacting with the platform.