Last Updated on October 14, 2022 by Bitfinsider
The crypto asset investing and trading firm CoinShares has released an experimental Twitter bot, CoinSharesNFTAI, which can determine the “fair price” for a specific NFT.
The pricing of NFTs, which are unique blockchain tokens that represent ownership, can fluctuate significantly. The CoinShares Twitter bot compiles data and informs users of the buy or sell price for a particular ETN.
The company stated that it developed the NFT price bot because its research team desired to assist NFT investors and traders.
Even more, CoinShares has created a system for detecting the “hype” surrounding an NFT collection. “To evaluate the hype of a specific collection, we can count its followers on social media platforms, as well as the volume and value of past transactions,” CoinShares added.
While this may appear to be a wonderful idea with an obvious use case, the bot’s responses are neither timely nor universally applicable. Upon testing, the CoinShares bot took three minutes to respond, informing that the NFT that was sought at a reasonable price was “not available.”
Currently, the CoinShares NFT bot only offers price data for fifty NFT collections. The bot supports a variety of lesser-known collections in addition to the so-called blue chips, or more expensive NFTs, such as Doodles, CloneX, Bored Ape Yacht Club, and Moonbirds.
CoinShares stated that it is concentrating on adding the collections with the highest trading volume on OpenSea.
“Each week we integrate the collections that have had the most volume on OpenSea. Our pricing model needs a lot of data to give a fair price,”
An email from a CoinShares representative stated. Unless the bot expands its capabilities, however, it will likely remain a specialized utility for owners (and prospective owners) of the 50 collections it presently serves.
The new NFT bot does not imply that CoinShares is rushing into the NFT market.
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