CoinShares has ditched its usual diet of exchange-traded and capital market products for a new project: a Twitter bot.
CoinShares International Ltd, Europe’s largest digital asset trading house, has ditched its usual diet of exchange-traded and capital market products for a new project: a Twitter bot that can tell users the real price for a non-fungible token.
The prices for NFTs, unique digital collectibles, ranging from pixelated artwork to video game plots, are usually driven by the hype generated by the creator of the collection. Popular collections include Yuga Labs Inc.’s Bored Ape Yacht Club, Larva Labs’ CryptoPunks, and Otherdeed, which represents digital land created for Yuga Labs’ Otherside virtual world.
CoinShares said that since demand for NFTs has fallen in recent months – as much as 97% from the industry’s all-time highs in January – it has become more difficult to figure out exactly what an NFT is worth. So the research team spent time building a bot that can do the hard work for you, assessing attributes from quantifiable to abstract.
To determine the price of an NFT, the bot considers factors such as hype, rarity, access to exclusive content, total transaction volume for the collection, and past sales. At the moment it only deals with listings on NFT marketplace OpenSea, and only for select collections.
“NFTs are the latest addition to the crypto markets and it is important that everyone feels comfortable buying and selling them,” Jean-Marie Mognetti, chief executive officer of Stockholm-listed CoinShares, said in a statement Thursday.
It is also not the first time CoinShares has ventured into the world of automated trading information.
The company also has a subscription service called Hal – coincidentally the same name as the malicious onboard artificial intelligence system from 2001: A Space Odyssey. The platform helps investors by being “the ideal quant trading partner to trade on your behalf without emotion directly on your crypto exchange account,” Jean-Charles Dudek, CoinShares’ head of consumer solutions, said in a video posted on Twitter this week.
The platform used to be called Napbots, but that name wasn’t that nice.
Source link
