The CoinShares platform launched an artificial intelligence-based bot designed to help investors determine the fair price of NFT tokens.
The CoinSharesNFTAI bot processes the data and provides the user with a fair price for the tokens of the OpenSea platform. The user must find the link to the NFT of interest in OpenSea and send it to the bot on Twitter. He, in turn, will send his “peer review.”
According to the creators of the bot, their new program updates the algorithms every week to be able to provide users with new items on the site. This week the bot included such collections as CryptoPunks, Bored Ape Yacht Club, Clonex, Moonbirds, Doodles, and Azuki. Soon there will be a function of “permanent collections,” on which the bot will periodically update information.
The bot algorithm is based on a model to build a price index from “thousands of NFT transaction records.”
Some Twitter users who have had time to use the bot service have complained that, in some cases, they were much lower than the current best offers on OpenSea. They were skeptical of the development when the estimated value of the NFTs they held was lower than expected.
CoinShares quickly clarified the situation, stating that many factors influence pricing. This includes the hype, the usefulness of the token, and its rarity:
“To gauge the buzz around a particular collection, we can count the number of social media followers and the volume and value of past deals. The same applies to the rarity in the collection when looking at the asset’s attributes.”
However, the platform noted that the bot is under development and uses relatively little data compared to the sheer number of possible metrics in the space.
