CoinShares Launches AI Bot that Gives the "Fair Price" for NFTs

CoinShares Launches AI Bot that Gives the "Fair Price" for NFTs

CoinShares, a digital asset management platform located in Europe, has created an experimental Twitter bot that may assist traders in determining a fair price for some non-fungible tokens (NFT).

The bot, named CoinSharesNFTAI, collects several types of data to calculate a fair price for a rotating list of top NFT collections on OpenSea, the most popular NFT marketplace. To use the bot, you need to copy the OpenSea URL for a specific NFT of interest and tweet it to the bot. The bot will then reply with an estimated value.

According to CoinShares, the bot runs an algorithm weekly to estimate the pricing of "the freshest collections." This includes CryptoPunks, Bored Ape Yacht Club, Clonex, Moonbirds, Doodles, Azuki, and 44 additional projects for the week of October 10-16. The bot will have permanent collections that it will return pricing on in the future, but for now, it did not identify any NFT projects as a "permanent collection."

CoinShares stated on Twitter, "Pricing NFTs is no easy task," because their value is unstable and millions of them are accessible on the market, even those with no trading history.

Till now, several users had tweeted to the bot, with the bot responding numbers that were, in some cases, far cheaper than the current best offers on OpenSea. When the estimated value of their  NFTs came back lower than expected, some customers voiced doubts about the tool's accuracy.

Jack Hermes, aka systemic_bliss, tweeted "Your model sucks lmao” as the GoblinTown NFT that he purchased on July 8 for 2.6 ETH (roughly $3,170) was valued at 0.88 ETH, or about $1,124.48.