CoinShares has launched a Twitter bot to help NFT investors.
The asset manager announced the launch of Twitter bot, the CoinSharesNFTAI or @CoinsharesNFTAI, on Thursday. CoinShares wants the bot to help cut through the noise around NFTs, which can ofter litter Twitter with hype, frauds and scams.
Twitter users can now tweet the bot with a link to the OpenSea link of the NFT and the hashtag CoinShares. The bot then replies with the fair price within less than a minute.
The firm noted that pricing NFTs can be difficult, as some attributes are easily quantifiable while others can be more abstract. Nevertheless, it identified factors such as hype, rarity, the access it gives to exclusive communities, content, and products as well as transaction volume and history.
CoinShares' aim is to bring more transparency to the space. "NFTs are the newest asset to come to crypto markets and it’s important that everyone feels comfortable buying and selling them," CEO Jean-Marie Mognetti said in a release. "To this end, we made our proprietary NFT pricing algorithm available to the public through our CoinSharesNFTAI Twitter bot," he said.
In a test run by The Block, the bot noted the fair value of Bored Ape Yacht Club 7378 was 95 ETH or $119,318 — significantly more than the 75 ETH price place on the piece at present.
The difference in sale price and fair value could potentially be explained by the rout in the NFT market over the past few months, as crypto prices have plunged so too has the dollar value of NFT holdings and the appeal appears to have warn off for some investors.
The trade volume for art and collectible NFTs was just over $20 million last week, trade volume reach $393 million the week of April 17 this year.
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