NFT Prices Are Plummeting: CoinShares Has An AI Bot To Determine What's Fair

Digital asset management platform CoinShares has announced the launch of an experimental artificial intelligence (AI) bot called ‘CoinSharesNFTAi’ that can help nonfungible token (NFT) traders calculate fair prices.

Why It’s Important: “Pricing NFTs is no easy task. Their value is volatile and millions of them are available on the market, from established projects like Bored Ape Yacht Club to more obscure artists with no trading history,” CoinShares said in a tweet.

NFTs are tradeable digital assets (art, music or videos) that operate on blockchain technology. Walt Disney Co. DIS, for example, as NFTs inspired by its films.

To use the NFT Bot, tweet the link of an NFT that is available on OpenSea, and the bot will automatically return the fair price of the digital asset. According to CoinShares, the AI model relies on tested mathematical concepts to predict a fair price for any NFT currently listed on the OpenSea NFT marketplace.

Start Your Crypto Journey Today and Get $500 in Rewards

Exclusively for new Crypto.com App users, unlock up to $500 worth of rewards in the most popular tokens when you start trading.

The bot has fresh collections to analyze every week. This week, the bot is able to give fair prices for some of the top collections including Kitaroworldofficial, Otherdeed, and BAYC NFTs as well.

Price Action: The NFT market declined throughout 2022 (trading volumes plunged more than 97% from its peak in January). ‘Bored Apes’, one of the most expensive NFT collections, has a floor price of 73 ETH ETH/USD, up by 2.6% in the last 24 hours.