Digital asset supervisor CoinShares has launched an experimental Twitter bot that may, in idea, allow customers to verify the estimated honest market worth of particular nonfungible tokens (NFTs), although a couple of have been lower than enthused concerning the estimates given.

The agency introduced the bot dubbed “CoinSharesNFTAI” through Twitter on Oct. 13 and outlined that its algorithm is concentrated on aggregating completely different information units from OpenSea to find out the supposed “honest value” of an NFT.

[1/4] We’re very excited and proud to announce the official launch of @CoinSharesNFTAI. A easy tweet can let you understand how a lot an NFT is perhaps value.

— CoinShares ‍ (@CoinSharesCo) October 13, 2022

Within the Twitter thread, CoinShares stated: “Pricing NFTs is not any straightforward job” as their worth is unstable and tens of millions of them can be found available on the market, together with ones with no buying and selling historical past.

Some customers weren’t so impressed by the NFT worth estimates, equivalent to Goblin City NFT hodler Jack Hermes (@systemic_bliss), commenting that CoinShares’ “mannequin sucks” after it valued the NFT he purchased for two.694 Ether (ETH) at simply 0.88 ETH, whereas one other stated it “appears to be a bit off” because the NFT in query was valued at 0.28 ETH by the bot regardless of having a ground of 0.48 ETH and a bid of 0.63 ETH.

Cointelegraph tried the bot utilizing Seth Inexperienced’s well-known NFT BAYC #8398, which was recovered by Inexperienced in June for a $260,000 ransom after it was stolen by a hacker. The NFT at the moment has a “finest supply” of 70.6 ETH on Opensea and was valued at 79.65 ETH by the Twitter bot, value $106,000 on the time of writing.

There are round 50 NFT initiatives on OpenSea supported at this stage, together with blue chips such because the Bored Ape Yacht Membership, Goblin City, Pudgy Penguins and Cool Cats.

All of them are listed underneath the collections obtainable this week, suggesting there’s a weekly rotating listing of supported collections.

Let’s see what @CoinSharesNFTAI thinks of my gob…https://t.co/bGpAvyO5Ys

— systemic bliss (@systemic_bliss) October 13, 2022

The newly launched bot comes solely days after the digital asset supervisor printed a report on establishing an NFT value index, which its NFT bot relies on. Within the report, quantitative buying and selling analysts Yanis Bakhtaoui and Hugo Schnoering famous that:

“ERC-721 tokens are uniquely recognized by an id and a set of properties, and can’t be interchangeable or divisible. This property makes these belongings arduous to cost, as every NFT is exclusive.”

“These properties make the NFT market inherently illiquid: it’s associated to ask and bid, and if an proprietor doesn’t need to promote his NFT, nobody will be capable of purchase the identical,” they added.

The report additionally outlines that market manipulation techniques equivalent to wash buying and selling — fraudulent transactions designed to pump costs — have had a key influence on NFT pricing.

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To make use of the bot, individuals simply have to tweet @CoinSharesNFTAI and supply a hyperlink to the token on OpenSea. It’s not clear if different marketplaces shall be supported transferring ahead.

@CoinSharesNFTAI https://t.co/Mk70DncI9K

— Dave Grannan (@grannan) October 14, 2022