the NFT market is definitely not in its best shape at the end of the year. With volumes collapsing at the same pace as floor prices are sometimes very clearly overestimated. Because it remains very difficult to know the “fair price” of any of these digital tokens, especially within popular collections. An exercise that could well be greatly simplified by the Twitter bot set up by CoinShares… or not !
It bears the name of CoinShares NFTAI. And its mode of use goes through a simple publication on the social network Twitter. Because it is ultimately an algorithm developed by digital asset manager CoinSharesin order to answer a simple question with an often complex answer: what is the “true” value of this NFT. That is to say its “fair price” according to specific data and not only possible manipulations on platforms like Opensea.
CoinSharesNFTAI – The Fair Price of CoinShares
The announcement of the launch of this Twitter algorithm was made yesterday on the official account of CoinShares. Because determining the price of an NFT is not easyespecially if we get rid of the unit of measure floor price delivered by some platforms. Because the latter can be inflated very simply – and artificially – thanks to subtle movements between different accounts of the same person in order to simulate non-existent sales. With the main example in this field, the LooksRare platform (LOOKS) true leader of wash trading in the area.
” We are very happy and proud to announce the official launch of CoinSharesNFTAI. A simple tweet can let you know how much an NFT could be worth. Their pricing is not an easy task. Their value is volatile and millions of them are available on the market, from established projects like BoredApeYC to more obscure artists with no commercial history.. »
Obviously this kind of practice is not (hopefully) widespread. And in this case, could not the Twitter bot developed by CoinShares become the real tool for measuring the price of an NFTcleared of all market manipulation ? This is due to its cold and algorithmic ability to aggregate different OpenSea datasets. A legitimate question that does not seem to excite some members of this community at all. Especially those in possession of copies of emblematic collections that are sometimes very clearly overvalued.
NFT – How to use CoinSharesNFTAI
You don’t need to own the relevant NFT to attempt to price it using the CoinShares Twitter bot. Indeed, to interact with the latter, just post a tweet with its link to the Opensea platform, while adding: @CoinSharesNFTAI. And after a few seconds of waiting, an estimate is automatically sent in the form of a response. Knowing that if the NFT concerned is not part of the fifty or so projects currently listedthe message indicates that this operation cannot be performed.
Quite a fun exercise while being very instructive. Because there is no doubt that the prices announced by this bot could well be a game-changer in the NFT market. Indeed, they are sometimes higher than those offered by their sellers, which could mean a good deal to do. But in other cases, it can take a more troubling turn. As for the holder of the Goblin Town #7133 answering to the pseudonym of Systemic Bliss on Twitter. Because he received an estimate (0.88 ETH) a little lower than its current selling price (5.55 ETH) ! A proof of the failure of this CoinSharesNFTAI tool? Everyone to judge…
Of course, it is important to consider the still experimental nature of this Twitter bot. Even if its establishment corresponds to the launch of an NFT price index developed by CoinShares, on which it is based. But that won’t change the character inherently illiquid of the NFT market. Because ” if an owner does not want to sell his NFT, no one will be able to buy the same“. End of the story…
You want to invest in the cryptocurrency sector, but also NFT tokens. The FTX platform offers the possibility of diving into these two worlds in complete safety. Sign up now to get a lifetime discount on your trading fees (sponsored link).
We would love to say thanks to the writer of this article for this remarkable material
NFT – How to set a “fair price” using a Twitter bot? – CryptoNews
We have our social media profiles here and other related pages herehttps://metfabtech.com/related-pages/