Can Twitter NFT Bots Be Useful? CoinShares Just Created One That Might Be
While Twitter bots are generally annoying at best CoinShares, one of Europe’s largest digital assets investment and trading groups, believes they’ve created one that is actually useful. CoinSharesNFTAI is a Twitter bot that aims to provide a fair valuation of any non-fungible token available on OpenSea.
CoinShares Launches a Useful Twitter NFT Bot
CoinShares announced on Thursday they are officially launching a Twitter bot that can be used to evaluate the actual worth of any NFT listed on OpenSea. The company explained that they have leveraged many years of experience in the field to create a credible mathematical model for pricing non-fungible tokens.
Building on our crypto and quantitative expertise, we came up with an experimental project to price NFTs, whether you own them already or not. This model relies on tested mathematical concepts to predict a fair price for any NFT currently listed on @opensea
The post also acknowledges that pricing NFTs is neither an easy task nor an exact science. The value of these tokens can change daily and is dependent on innumerable factors. These difficulties have recently been highlighted with the case of Bored Ape Yacht Club which saw both a slight drop in floor price and a significant surge in trading volume in the aftermath of the SEC probe.
CoinShares is also providing a PDF document containing the study that explains the methodology behind this new Twitter bot.
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Does the NFTAI Actually Work?
The Twitter bot is very easy to use and does reply to inquiries very quickly. In fact, the responses always came within the minute, and the only ones quicker to reply were other NFT bots—the spam bots. Anyone with a Twitter account can simply create a Tweet that contains the link to an NFT on OpenSea and add “@CoinSharesNFTAI”.
We tested the bot with four separate NFTs. Three of them are a part of the BAYC collection—it is one of the biggest collections on the platform, and it recently got a lot of attention due to the reveal of an SEC probe into its creators. We took one of the highest-priced pieces, one of the lowest-priced ones, and one from the middle.
The first one is obscenely expensive on OpenSea with a price tag of 100,000,000,000,000 Ethereum ($128,032,000,000,000,000.00). The bot gives it a somewhat more modest value of $114,577.17 (88.55ETH).
The second is currently priced at 78.69 Eth ($100,330.54), and the bot considers it to be worth $118,754.9 (91.78ETH). The last one, the one from the middle, has an asking price of 1,542.69 ETH ($1,966,945.18) and the bot evaluated it at $167,254.7 (129.26ETH).
The last NFT tested is from one of the collections with the lowest trading volume on the platform. This one was tested to ensure the bot works just as quickly with lower-volume collections that have less data on previous sales. The asking price for it is 0.0124 ETH ($15.81) but the NFTAI thinks it is worth a bit more at $19.44 (0.02ETH).
Do you think CoinShares’ Twitter bot will prove useful to the NFT community? Let us know in the comments below.