1 year ago
The bot is based connected an algorithm that is focused connected aggregating antithetic information sets from OpenSea to find the expected “fair price” of an NFT.
Digital plus manager CoinShares has launched an experimental Twitter bot that will, successful theory, alteration users to cheque the estimated just marketplace worth of circumstantial nonfungible tokens (NFTs), though a fewer person been little than enthused astir the estimates given.
The steadfast announced the bot dubbed “CoinSharesNFTAI” via Twitter connected Oct. 13 and outlined that its algorithm is focused connected aggregating antithetic information sets from OpenSea to find the expected “fair price” of an NFT.
[1/4] We are precise excited and arrogant to denote the authoritative motorboat of @CoinSharesNFTAI. A elemental tweet tin fto you cognize however overmuch an NFT mightiness beryllium worth.
— CoinShares (@CoinSharesCo) October 13, 2022In the Twitter thread, CoinShares said: “Pricing NFTs is nary casual task” arsenic their worth is volatile and millions of them are disposable connected the market, including ones with nary trading history.
Some users weren't truthful impressed by the NFT worth estimates, specified arsenic Goblin Town NFT hodler Jack Hermes (@systemic_bliss), commenting that CoinShares’ “model sucks” aft it valued the NFT helium bought for 2.694 Ether (ETH) astatine conscionable 0.88 ETH, portion different said it "seems to beryllium a spot off" arsenic the NFT successful question was valued astatine 0.28 ETH by the bot contempt having a level of 0.48 ETH and a bid of 0.63 ETH.
Cointelegraph tried the bot utilizing Seth Green's well-known NFT BAYC #8398, which was recovered by Green successful June for a $260,000 ransom aft it was stolen by a hacker. The NFT presently has a "best offer" of 70.6 ETH connected Opensea and was valued astatine 79.65 ETH by the Twitter bot, worthy $106,000 astatine the clip of writing.
There are astir 50 NFT projects connected OpenSea supported astatine this stage, including bluish chips specified arsenic the Bored Ape Yacht Club, Goblin Town, Pudgy Penguins and Cool Cats.
All of them are listed nether the collections disposable this week, suggesting determination is simply a play rotating database of supported collections.
Let’s spot what @CoinSharesNFTAI thinks of my gob…https://t.co/bGpAvyO5Ys
— systemic bliss (@systemic_bliss) October 13, 2022The recently launched bot comes lone days aft the integer plus manager published a study connected constructing an NFT terms index, which its NFT bot is based on. In the report, quantitative trading analysts Yanis Bakhtaoui and Hugo Schnoering noted that:
“ERC-721 tokens are uniquely identified by an id and a acceptable of properties, and cannot beryllium interchangeable oregon divisible. This spot makes these assets hard to price, arsenic each NFT is unique.”“These properties marque the NFT marketplace inherently illiquid: it is related to inquire and bid, and if an proprietor does not privation to merchantability his NFT, nary 1 volition beryllium capable to bargain the same,” they added.
The study besides outlines that marketplace manipulation tactics specified arsenic lavation trading — fraudulent transactions designed to pump prices — person had a key interaction connected NFT pricing.
Related: Uniswap Labs raises $165M arsenic attraction shifts to NFTs, Web3
To usage the bot, radical conscionable request to tweet @CoinSharesNFTAI and supply a nexus to the token connected OpenSea. It is not wide if different marketplaces volition beryllium supported moving forward.
@CoinSharesNFTAI https://t.co/Mk70DncI9K
— Dave Grannan (@grannan) October 14, 2022
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