CoinShares Develops Twitter Bot to Track ‘Fair’ NFT Prices
- CoinShares bot tracks hype and rarity to assess NFT value
- Broader NFT market rout makes it tough to determine prices
Photographer: Gabby Jones/Bloomberg
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CoinShares International Ltd, Europe’s largest digital asset trading house, has spurned its usual diet of exchange-traded and capital markets products for a new project: a Twitter bot that can tell users the true price for a nonfungible token.
Pricing for NFTs, unique digital collectibles ranging from pixelated artwork to plots of land in video games, is usually driven by how much hype the collection’s creator has generated. Popular collections include Yuga Labs Inc.’s Bored Ape Yacht Club, Larva Labs’ CryptoPunks and Otherdeed, which represents digital land created for Yuga Labs’ virtual world Otherside.