Introducing: The First-ever NFT Valuations for Polygon

NFT price appraisal is a solution for unlocking the liquidity of NFTs. NFT portfolio management, NFT lending, and NFT fund operation all become possible the moment you can accurately evaluate the value of an NFT.

NFTBank — with three years of expertise in NFT valuation — has been providing the data in the form of API. Covering 5000+ projects with over 90% accuracy, NFTBank’s ML-based valuation model has now become the core building block for various NFT finance protocols. (see NFTBank API docs)

In the past year, NFTBank’s focus was to bring innovation to the Ethereum-based NFT financialization ecosystem. We witnessed the rise of NFT-backed loan services, various forms of NFT renting, and even NFT derivatives being built on top of our API. What’s more, our valuations drove incremental engagement in MetaMask Portfolio dApp and other NFT-based dApps.

Taking a step further, NFTBank now aims to expand the NFT finance layer to other ecosystems as well. Recent market trends and dynamics show that there’s one place where the next innovation will be happening — the Polygon Network. And as the leading NFT valuation provider, NFTBank is proud to announce that it will serve the first-ever NFT valuation model for Polygon.

Polygon, the Key to NFT Mass Adoption

Source: Meta

Polygon is a Layer 2 scaling solution built on Ethereum. With fast transaction speed, low gas fees, and carbon neutral chain, it is dedicated to bringing forward the mass adoption of Ethereum. This is made possible through Polygon’s Proof of Stake (PoS) solution, which bridges assets between Ethereum and Polygon.

Lately, Polygon has been an influential leader in NFT mass adoption, onboarding powerful Web2 brands to its network. Some of its jaw-dropping partnership news include:

• Reddit’s limited-edition Collectible Avatars launched on Polygon,
• a new feature on Instagram where all users will be able to mint and sell NFTs powered by Polygon,
• and Starbucks Odyssey, an extension of the Starbucks Rewards loyalty program with NFTs minted on Polygon.

Polygon also announced it would go deep into PFP NFT collections in 2023. A few months back, Polygon succeeded in onboarding Y00ts and DeGods onto its network. Gaming and metaverse are other target sectors of Polygon, managed exclusively by Polygon Labs. Decentraland and The Sandbox are among many platforms that support the Polygon network.

Unlocking Potential for NFTs on Polygon

Without a doubt, the Polygon NFT ecosystem is growing at a fast pace. As its NFT market further expands and matures, NFTBank’s valuation API will become an essential tool for building various NFT services on top of Polygon Network.

What could be the potential synergy between Polygon NFTs and NFTBank’s price appraisal? Here is a detailed picture of what will become possible with Polygon valuation APIs:

1. Gaming and Metaverse: Previously in the Ethereum network, NFT valuations were conveniently used by both individuals and guilds to manage gaming assets in platforms such as Axie Infinity. As various game platforms are actively deploying on Polygon, users can now manage Decentraland Wearables and The Sandbox LAND with more ease by tracking its past and current valuations.
2. Investments in PFP NFT Collections: NFTBank’s NFT price appraisals take into account an NFT’s trait metadata and sales history to accurately compute a valuation for an NFT in a collection. The valuation, unlike floor price, reflects the rarity of premium NFTs — providing a basis for more complex analysis. In fact, many Ethereum-based NFT analytics protocols have integrated NFTBank’s Estimated Price API to create new dashboards for NFT price monitoring. All of this is now possible on Polygon.
3. NFT x DeFi: NFT financialization, or NFT DeFi, newly emerged with the growth of the NFT market. As new protocols formed on top of the financial layer, NFT valuations played a critical role in making more sophisticated economic activities possible. For instance, when borrowing against high-rarity NFTs (e.g., Golden Fur BAYC), both the lender and borrower would prefer to use NFT valuations to assess the collateral than to use floor price (40% LTV out of 70 ETH vs. 400 ETH). Likewise, reflecting the premium value of the NFT unlocks the potential liquidity of NFTs, thereby enabling more fair and active NFT DeFi activities. The same applies for NFT loans (both P2P and P2Pool), BNPL, and NFT renting.

Build on Polygon with NFTBank’s Valuation API!

Polygon was hands-on about establishing itself in metaverse and gaming last year. Entering 2023, Polygon will be pushing forward the PFP and art sector — which hints that the NFT in Polygon will be the next big thing. With increasing popularity and its strength in mass adoption, one can only expect how strong the Polygon ecosystem will grow. And when its NFT ecosystem grows mature, NFTBank’s valuation API will be there to support any kind of NFT-related projects built on Polygon.

Are you looking for products and services to build #onPolygon? Or are you searching for ways to upgrade the user experience of your project? Try out our newest Estimated Price API for Polygon NFTs — the most trusted infrastructure for NFT financialization.

Join our socials

• Official website: https://nftbank.ai
• Twitter: https://twitter.com/NFTbank_ai
• Discord: discord.gg/8Rg63UnhYb