basic introduction

Upshot is an NFT evaluation platform that provides deep insights into the NFT market. It evaluates and accesses new DeFi x NFT primitives based on self-developed machine learning models, provides near real-time price information for NFTs, and makes the NFT financial market more accessible.

Upshot also built products and services such as NFT aggregator and Upshot API based on its own valuation model. This opens up vast new areas for the NFT market and enables entirely new categories of financial primitives - from NFT indexes to synthetic assets. The Upshot aggregator will be fully open to the public on November 18, 2022.

Upshot currently helps users:

  • Finding Deals: Upshot’s valuation model has been integrated into the official NFT aggregator core, helping users find the best deals on the NFT market as easily as possible.

  • Real-time portfolio tracking: Track the value of a user’s NFT portfolio through near real-time valuation.

  • Build smarter trading strategies: Use Upshot’s API to build smarter trading strategies based on valuations, liquidity analysis, and other advanced statistics.

  • Identify and track smart collectors: gmi is a novel NFT wallet grading index that users can use to track the smartest collectors in the space to help make investment decisions.

In the future, Upshot will also add:

  • Instant Sell: Access existing liquidity and open interest across the space to instantly sell a user’s NFTs.

  • NFT Lending: Access the NFT lending market through official lending aggregators or custodial lending products.

  • OTC: Get in and out of large NFT positions with Upshot’s NFT OTC counter.

  • NFT Index: Track the NFT market through professionally produced and managed NFT index products.

Financing

Upshot completed a $22 million Series A2 financing round on March 22, 2022. This round of financing was led by Polychain Capital. Other investors included dao5, Olive Tree Capital and Zola Ventures as well as previous investors Framework Ventures, CoinFund, Blockchain Capital, Slow Ventures, Mechanism Capital and Delphi Digital.

product

1. Aggregator

The NFT Aggregator is the first official product released by Upshot, building on the valuation model to further expand the capabilities and accessibility of the NFT financial market.

Upshot’s aggregator is the home for smarter NFT interactions and builds on the official pricing infrastructure and advanced statistics to enable more powerful interactions with the NFT financial market. Content in the aggregator includes:

  • Explore and track key market information in the NFT field

  • Real-time market value tracking based on Upshot assessment

  • Ability to find the best prices across series

  • Ability to identify smart collectors and popular collections with high GMI scores that smart collectors flock to

  • Real-time NFT valuation information

  • Ability to purchase NFTs across major marketplaces

  • Ability to sell NFTs instantly on major marketplaces

1.1 Real-time portfolio tracking

Upshot’s portfolio tracker allows users to assess anyone’s collection in real-time, with useful information about their largest positions, most valuable NFTs, their gmi, and more.

The assessment is updated every hour, so users don’t have to worry about portfolio valuations being out of date.

1.2 Finding the best trade with the help of artificial intelligence

Upshot’s assessment helps users find the best deals in the field, reducing the heavy work that users need to do frequently themselves.

When browsing NFTs in your collection, you can sort by the percentage difference between the official appraisal and the list price, putting the best deals directly at the top.

1.3 Tracking (smart) currencies using gmi

The official has developed a new grading index for NFT wallets called gmi, which aims to identify the smartest collectors in the field. Wallets are scored from 0-1000 (1000 is the best score) based on their efficiency in trading/collecting NFTs.

As users browse the NFT marketplace, the gmi index can be used to help inform them in which collections it would be more useful to build a position.

1.4 Buy/Sell NFTs Immediately

Aggregators allow for instant purchases or NFT sweeps in a single transaction. Currently, the Upshot aggregator aggregates data from Opensea, LooksRare, SudoSwap, and X2Y2.

Users can also sell instantly on the platform, which aggregates open positions and cross-market quotes from the Sudoswap pool. Upshot also works closely with Reservoir to enable instant sales through its powerful aggregated liquidity tools.

2. API

The Upshot web app isn’t the only way to access the data that powers Upshot’s infrastructure and products. The Upshot API is a powerful way for products, protocols, and traders to get real-time prices on over 57 million NFTs. In addition to pricing data, the Upshot API provides other high-level statistics, collection-level information, asset metadata, feature-level information, user information, and more.

Here are some examples accessible through the Upshot API:

  • Live prices for any NFT from over 32,000 collections (~57,000,000 NFTs)

  • Wallet-level insights, including a new NFT wallet grading metric: gmi

  • The latest on collectibles, features, NFTs, wallets, and more

  • Enhanced meta-attribute feature analysis

  • Real-time market statistics (volume, average price, reserve price, market value, etc.)

  • Deal Discovery: Find the best deals among listed NFTs across markets based on Upshot evaluations

3. GMI

Upshot GMI is a grading index for NFT wallets that helps identify high-performing wallets that can provide unique insights into metaverse identity and reputation systems in the future. GMI can score wallets from 0-1000 (1000 is the highest) based on their efficiency in trading/collecting NFTs.

Some factors that go into calculating a wallet’s gmi include:

  • Realized/unrealized gains

  • Number of transactions

  • Trading volume

  • Number of NFTs owned

  • Number of premium/blue chip NFTs owned

  • Wallet creation time

  • Number of collections owned

Wallets can be divided into six levels according to their GMI scores:

  • based god [>975]

  • based [900-975]

  • full dough [700-900]

  • part dough [400-700]

  • tourist [100-400]

  • ngmi [<100]

The current gmi calculation only focuses on Ethereum transactions, without considering aspects such as versions, membership tokens and virtual land. In the future, gmi will also consider badges, DAO governance, social, P2E participation, transactions on other chains and other areas.

4. Future plans to launch

The Upshot team has been working hard to develop more product lines, committed to changing the existing rules in the DeFi x NFT field and truly entering the NFT financial market. The team currently plans to launch the following products:

NFT Lending

In addition to support for spot markets, Upshot also hopes to help users access aggregated lending markets and custodial lending products through official quantitative and machine learning teams that are working hard to develop advanced lending methods.

NFT OTC Desk

The team aims to make it easier to enter and exit large NFT positions through Upshot’s NFT OTC desk.

NFT Indices

The Upshot team is developing index methodologies that leverage our predictive analytics, enabling people to track the NFT market through professionally crafted and curated NFT index products.

Watch Lists

Upshot Watch Lists can help users discover alpha projects and keep up to date with them to track the hottest NFTs, collections, and wallets.

Notifications

Upshot notifications provide real-time alerts when NFT prices change rapidly. This will include information about floor price changes, when wallets you watch are moving in and out of large positions, when projects you've been following are finally sold at a reasonable price, etc.

Multiple-Wallet Tracking

Upshot’s NFT aggregator will enable tracking across multiple wallets in the future.

Cutting-Edge Research

The quantitative team will release articles or publications related to floor price analysis, wash trade filters, how ML models work, volatility estimation, loan simulation, etc. in the future.

Upshot x Chainlink

Upshot is becoming a data provider on the Chainlink network. Through Chainlink, Upshot can provide their analytical data to smart contracts, including real-time evaluation of blue-chip NFTs, NFT market value, floor price, holder information, etc., thus opening up a new wave of DeFi possibilities.

We chose to provide our NFT analytics through Chainlink because it provides many key features that make integration easy and secure, such as:

  • Credential Management — Chainlink nodes can securely manage API keys and account logins, allowing for a seamless integration where Chainlink nodes can purchase Upshot API subscriptions just like traditional users do today.

  • Blockchain agnostic - Chainlink is blockchain agnostic, and Upshot’s data can be used in any blockchain environment at any time.

  • Broad Adoption — Chainlink is the most widely used oracle network in the blockchain industry, providing access to a market of potential data consumers.

  • Provably Secure — Chainlink is fully audited, open-source software designed based on leading academic research and has been proven to secure billions of dollars in value at work.

“High-quality valuation data is powering new NFT use cases through the DeFi economy,” said Nick Emmons, founder of Upshot. “By becoming the data provider for the largest decentralized oracle network for the smart contract industry, we are able to help increase adoption of NFTs as a new asset class and contribute to the growth of more sophisticated NFT-based financial products.”

Summarize

In the past, the transparency and reliability of NFT pricing have been questionable, and the value of NFT collections is usually calculated between the floor price and past sales, and there is no case for studying the characteristics of NFT attributes. Previous methods of improving NFT pricing have fallen short in creating liquidity and a more efficient NFT market, and Upshot wants to break this status quo.

Upshot is working to build the most advanced price models in the field by assembling a team of leading ML engineers and quantitative analysts - machine learning models trained on market data, NFT metadata, wallet rating index, transaction graph analysis, meta features, tags, and other relevant information to generate accurate valuations for NFTs.

We hope to bring new innovations and breakthroughs to the NFT market. Perhaps in the future, all people or projects that interact with NFTs can benefit from using Upshot in some way, such as:

NFT Marketplaces: Integrate Upshot’s assessments to help users determine the best deal price and find content where they can bid or sell NFTs.

Portfolio Tracker: Estimating the value of NFTs over time is difficult and can lead to inaccurate perceptions of the value of one’s holdings. Upshot can help users understand the accuracy of the value of their NFT holdings.

Crypto wallets: Upshot’s assessment allows users to understand the value of NFTs in their wallets in real time, as well as the operational dynamics of the major whales through watch lists.

NFT Traders: Upshot has built a collection of state-of-the-art indicators to aid in NFT analysis, giving traders powerful new tools when building trading strategies.

Today’s NFT data is often lackluster and scattered across various websites and tools. With Upshot, users can complete NFT aggregation, data analysis, NFT evaluation, NFT index and other functions on the same platform. Upshot’s desire to build the future of the NFT financial market is also progressing steadily.