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The Ethereum-based digital assets wallet MetaMask has teamed up with an NFT management tool and valuation engine NFTBank to develop a new NFT value tracking feature. The new feature will allow users to track the value of their NFTs.

In a November 2 press release, the custodial services provider confirmed its new partnership with NFTBank to establish the new NFT price tracking feature. The new utility feature will allow collectors to track the values of their NFTs portfolio seamlessly.

MetaMask NFT Value Tracking Feature

It’s worth noting that NFT pricing is a complex issue in the crypto industry, especially amid the ongoing bear market. Interestingly, NFTBank has sought to fix this issue with the new NFT tracking feature.

Under the new partnership, NFTBank anticipates offering its prediction to more than 5,000 NFT collections held by MetaMask users and making them available both with APIs and its dedicated app.

According to the announcement, NFTBank will use advanced machine learning-based statistical algorithms to provide crypto and NFT users with price estimates for individual NFTs within a collection.

NFTBank’s algorithm considers all trading parameters, such as NFT floor price, rarity, and bid, when calculating a price value of an NFT collection. According to NFTBank, the new portfolio tracking feature will offer around 90% accuracy in price predictions.

While commenting about the new value tracking feature, Daniel Kim, the CEO of NFTBank, said that the current state of the market and volatility make understanding pricing even more crucial. The top executive explained:

“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, and simultaneously learning the potential of NFTs as a new digital asset class.”

MetaMask Continues Expanding Its Web3 Capabilities

MetaMask has been expanding its capabilities in the Web3 space in the past few weeks. Last week, its parent company ConsenSys announced a plan to allocate $2.4 million annually to help MetaMask establish a decentralized autonomous organization (DAO).

According to ConsenSys, MetaMask employees will lead the DAO. It will issue grants to external developers building within the ecosystem. Moreover, MetaMask recently teamed up with Cobo NFT management firm to launch a similar portfolio tracker for its institutional customers.

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