CoinShares Twitter Bot Gives a "Fair Price" on NFTs...or Does It?

The bot is based on an algorithm that focuses on aggregating different sets of data from OpenSea to determine the "right price" assumed from an NFT.

Digital asset manager CoinShares has launched an experimental Twitter bot that, in theory, will allow users to check the estimated fair market value of specific non-fungible tokens (NFTs), although a few were less enthusiastic about it. the estimates provided.

The company announced the bot dubbed CoinSharesNFTAI via Twitter on October 13 and pointed out that its algorithm focuses on aggregating different datasets from OpenSea to determine the supposed "fair price" of an NFT.< /p>

[1/4] We are very happy and proud to announce the official launch of @CoinSharesNFTAI. A simple tweet can let you know how much an NFT is worth.

— CoinShares ‍ (@CoinSharesCo) October 13, 2022

In the Twitter feed, CoinShares said, "Pricing NFTs is not an easy task" as their value is volatile and millions of them are available in the market, including those with no history of trading.

Some users weren't as impressed with the NFT value estimates, such as Goblin Town NFT hodler systemic_bliss, commenting that CoinShares "model sucks" after valuing the NFT he bought for 2.694 Ether ( ETH) to just 0.88 ETH. Meanwhile, another said it "seemed to be a bit off" as the NFT in question was valued at 0.28 ETH by the bot despite having a floor of 0.48 ETH and a bid of 0.63 ETH.

Cointelegraph tried out the bot using Seth Green's notorious NFT Bored Ape Yacht Club (BAYC) #8398, which was recovered by Green in June for a $260,000 ransom after it was stolen by a hacker. The NFT currently has a "best offer" of 70.6 ETH on OpenSea and has been valued at 79.65 ETH by...