The goal of SPICE's NFT appraisal system is to achieve the most accurate NFT price predictions at any given moment in time. The Spice protocol achieves this goal via the aggregation of industry-leading NFT pricing models.
NFT pricing data is a crucial input into Spice’s loan pricing and rebalancing algorithms.
SPICE has partnered with all of the top notch NFT pricing engines available.
- NFT Bank
Every time SPICE's NFT appraisal tool aggregator is called to evaluate the price of an NFT, SPICE calls each pricing engine's API in conjunction.
SPICE then automatically and algorithmically evaluates each of the aforementioned player’s machine-learning models against a set of contemporary transaction data for the specified NFT collection
After error analysis, SPICE's algorithms select the best performing ML model. The best performing model is the one that most accurately prices the NFTs against the real transaction data set. Then, the best performing model is used to predict the price of the NFT in question.
This aggregated appraisal system ensures that SPICE's NFT pricing data is always the best that the industry has to offer.