CoinShares, the largest cryptocurrency investment company in Europe, has just launched a new experimental robot that helps determine the value of the NFTs available on OpenSea.
Based on Twitterthe CoinShares robot allows you to determine the value of some non-fungible tokens on OpenSea.
To believe CoinShares, the Twitter bot, nicknamed CoinSharesNFTAI, combines data from OpenSea with tested and proven mathematical models to determine the fair value of an NFT, regardless of whether you own it or not.
To determine the value of a non-fungible token, the bot considers several factors including hype, scarcity, unique benefits, collection transaction volume, and historical sales data.
It was designed to help investors determine the value of their NFTs during the current bear market, which has completely changed the game for the non-fungible token market. Unlike last year, when luxury NFTs like Bored Ape Yacht Club made millions of dollars in the blink of an eye, investors are proving much more reluctant due to current circumstances.
“NFTs are the latest asset class to hit the cryptocurrency market. It is therefore important that everyone can buy and sell them easily,” said Jean-Marie Mognetti, CEO of CoinShares.
Note, however, that the Twitter bot will only provide its price estimates for a limited set of NFT collections, which currently includes Meebits, BAYC, Doodles, and Pudgy Penguins. The list of supported collections will be updated weekly.
Do you risk being banned from Twitter?
Before resuming the Twitter acquisition, Tesla CEO Elon Musk cited the lack of clarity about spambots as one of the main reasons for his initial withdrawal. In general, Twitter bots are often fake accounts used by malicious actors to promote scams or misinformation. Fortunately, this isn’t always the case.
According to a Twitter spokesperson, creating an automated feed, for malicious purposes or not, is relatively easy from a computer programming standpoint. The ease of creating Twitter bots, in fact, puts the moderators of the platform in difficulty, who are forced to delete almost a million spambots a day.
The launch of the CoinShares Twitter bot coincides with Elon Musk’s acquisition of the Twitter acquisition process, which could also subject useful robots to stricter controls and requirements than those currently in place. current Right now.
The weaknesses of CoinSharesNFTAI
As of this writing, CoinShares’ tool only works on OpenSea, excluding other high-caliber NFT markets like Rarible, LooksRare, and Solana’s Magic Eden. This could limit the Twitter bot’s ability to accurately determine the true value of non-fungible tokens.
Still in its experimental stage, CoinSharesNFTAI could also be used for speculation and price manipulation purposes. In fact, potential sellers could query the bot’s Twitter feed to identify the most sought-after collections and review their upward prices based on the information provided by the bot.
Finally, since CoinSharesNFTAI is entirely dependent on OpenSea data, any flaw in the information system of the NFT market could skew the latter’s estimates.
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