A Twitter bot that can evaluate NFT tokens has been launched

Digital asset investment bank CoinShares has announced the launch of an experimental Twitter bot, CoinSharesNFTAI, which will allow users to estimate the value of NFTs by comparing the price on the market with the real value of the token.

[¼] We are very excited and proud to announce the official launch of @CoinSharesNFTAI. A simple tweet can let you know how much an NFT might be worth.

— CoinShares (@CoinSharesCo) October 13, 2022

According to the developers of CoinSharesNFTAI, the bot’s algorithms focus on processing various data sets from OpenSea to determine the «fair price» of each NFT. «Pricing NFTs is not an easy task because their value is volatile and there are millions of tokens available on the market that have no value,» CoinShares said.

It was expected that some users were dissatisfied with the NFT value estimates, as it does not correspond to the amount of money that token holders have already spent on the purchase. For example, hodler user systemic_bliss, who owns the Goblin Town NFT, called the bot incompetent, as the NFT he purchased for 2.694 ETH was valued by CoinSharesNFTAI at only 0.88 ETH.

To use the bot, Twitter users just need to publish a post, tagging CoinSharesNFTAI and provide a link to their token on OpenSea. At the time of writing, it is not known for certain whether other trading platforms will be supported.

At the end of August, it became known that the local number of sales of non-fungible tokens on OpenSea decreased by 99% — on August 28, the platform processed NFT transactions worth $ 5 million (on May 1, this figure was $ 405 million). At the time, analysts believed that the decline in interest in NFTs was caused by hacker activity — no user can be 100% protected from cyberattacks, risking losing their savings invested in digital collectibles.