NFT – How to set a “fair price” using a Twitter bot?

the NFT market definitely not in its best shape at the end of the year. With volumes plummeting at the same pace as lows, they are sometimes clearly overvalued. Because it remains very difficult to know the “fair price” of any of these digital tokens, especially within popular collections. An exercise that could be greatly simplified by the Twitter bot created by CoinShares… or not !

It bears the name of CoinShares NFTAI. And its mode of use passes through a simple publication on the Twitter social network. Because ultimately it is an algorithm developed by the digital asset manager CoinShares, to answer a simple question with an often complex answer: what is the “true” value of this NFT. That is to say its “fair price” according to specific data and not only possible manipulations on platforms such as Opensea.

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CoinSharesNFTAI – The fair price of CoinShares

The announcement of the launch of this Twitter algorithm was made yesterday on the official CoinShares account. Because determining the price of an NFT is not easyespecially if we eliminate the unit of measurement Price per floor provided by some platforms. Because the latter can be inflated very simply – and artificially – thanks to subtle movements between different accounts of the same person in order to simulate non-existent sales. With the leading example in this industry, the LooksRare (LOOKS) platform, a true leader in wash trade in the area.

We are very happy and proud to announce the official launch of CoinSharesNFTAI. A simple tweet can let you know how much an NFT could be worth. Their price is not an easy task. Their value is volatile, and millions of them are available in the market, from established projects like BoredApeYC to more obscure artists with no commercial history.. “

CoinShares

Obviously this type of practice is not (hopefully) widespread. And in this case, the Twitter bot developed by CoinShares could not become the real tool for measuring the price of an NFT, get rid of any market manipulation? This is due to its cool and algorithmic ability to aggregate different OpenSea datasets. A legitimate question that doesn’t seem to excite some members of this community at all. Especially those in possession of copies of emblematic collections that are sometimes very clearly overrated.

NFT – How to use CoinSharesNFTAI

You don’t need to have the relevant NFT to attempt to rate it using the CoinShares Twitter bot. In fact, to interact with the latter, simply post a tweet with its link to the Opensea platform, adding: @CoinSharesNFTAI. And after a few seconds of waiting, a quote is automatically sent in the form of a response. Knowing that if the NFT in question is not part of it the approximately fifty projects currently listedthe message indicates that this operation cannot be performed.

Quite a fun exercise while being very instructive. Because there is no doubt that the prices announced by this bot could be a game changer in the NFT market. In fact, they are sometimes higher than what their sellers are offering, which could mean a good deal. But in other cases, it can take a more troubling turn. As for the owner of the City of Goblins # 7133 by responding to the Systemic Bliss pseudonym on Twitter. Because he received an estimate (0.88 ETH) slightly lower than its current selling price (5.55 ETH) ! Proof of the failure of this CoinSharesNFTAI tool? All to judge …

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Of course, it is important to consider the still experimental nature of this Twitter bot. Although its constitution corresponds to the launch of an NFT price index developed by CoinShares, on which it is based. But that won’t change the inherently illiquid nature of the NFT market. Because ” if an owner does not want to sell his NFT, no one will be able to buy it“. End of the story…

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