The financial company CoinShares created a bot on Twitter, a social network banned in Russia, to check the value of NFTs.
Determining the price of non-interchangeable tokens is a difficult task. Their value is volatile, and there are millions of coins on the market.
Some of them are from famous projects, such as Bored Ape Yacht Club, but many tokens are issued by unknown artists and have not yet become tradable,” CoinShares said in a statement.
To solve the NFT valuation problem, CoinShares staff developed a bot that determines the asset’s fair price using algorithms. The software collects data on token sales in the market and uses it to calculate the value of the coin.
The bot is very easy to use. To do so, you need to write a tweet consisting of:
- Bot name (@CoinSharesNFTAI);
- Link to the NFT page on the OpenSea website.
After a few seconds, the bot will respond to the post with a fair value of the token. For example, the algorithm estimated CryptoPunk #60 at $76,253.
The problem is that the bot does not determine the price of NFTs from any collections. If the artificial intelligence fails to price the coin, it will report it.
Details of the bot’s performance and the list of supported NFT series published on CoinShares.
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