MetaMask Partners with NFTBank for Portfolio Tool
Leading web3 wallet provider MetaMask has partnered with NFTBank to launch a new portfolio tool, according to an article from The Block and confirmed by the NFTBank Twitter account.
MetaMask's goal with this new tool is to help users make more informed decisions by providing more data about their portfolio value and its fluctuations, using NFTBank's valuation engine. They aim to provide real-time price modeling for over 5,000 NFT collections, giving users instant portfolio valuations.
“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," said Daniel Kim, the CEO of NFTBank, in a company statement.
NFTBank has been a leading name in NFT portfolio valuation since 2021, with other top tools including Zapper and WGMI gaining early adoption. Thus MetaMask had other options to choose from.
"NFTBank has proven itself as the ideal partner to enable this feature because of its sophisticated machine-learning models and strong infrastructure capabilities," said Kai Huang, Product Manager of MetaMask's Portfolio dApp. Kai went on to praise NFTBank's ability to support MetaMask's scale and millions of users.
MetaMask will have some new competition in this space, beyond legacy portfolio tracking providers. Most recently, marketplaces are inserting this portfolio valuation functionality, highlighted by Blur's recent rollout.
This is a timely announcement, as prominent NFT community members are still complaining about the lack of portfolio tracking options. Portfolio tools, or the lack thereof, was a major topic of discussion on Ryan Carson's morning spaces today (Ryan is the leader of NFT fund "121G" and an advisor to several NFT projects), with several community members sharing their frustrations. In fact, many are still using Excel spreadsheets for manual tracking, due to distrust of data accuracy in available tools.
Ultimately, end users should benefit the most from this increased competition for portfolio tools.