The company said Decrypt via email that they created an NFT pricing bot because their research team wanted to provide a tool to help NFT investors and traders.
CoinShares has developed a method for determining the “hype” around the NFT pool.
“To assess the hype of a particular group, we can count their followers on social media platforms, as well as the volume and value of past transactions,” CoinShares said. Decrypt By email.
While this might sound like a good idea with a clear use case, the bot is not entirely timely for responses or universally applicable. After testing, the CoinShares bot took three minutes to respond – and told me that the NFT I’d like to find a fair price for was “not available”.
CoinShare’s NFT bot currently only supports price information for 50 NFT sets. Some combinations are called blue chips, or higher priced NFTs like DoodlesCloneX, Bored Monkey Yacht ClubAnd the moon birdsBut the bot also supports a number of lesser known groups.
CoinShares . said Decrypt This focuses on adding groups that see the largest trading volume on OpenSea.
“Every week we consolidate groups that have had the largest volume in OpenSea. “Our pricing model needs a lot of data to provide a reasonable price,” said a CoinShares representative.By email. However, unless the bot expands its offerings, it will likely remain a niche tool for owners (or potential owners) of the 50 groups it currently supports.
The new NFT bot also does not mean that CoinShares is jumping on its head in the NFT market.
“We have no strategic plan for NFT assets other than this beta activation,” CoinShares said.
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