What is Upshot? Upshot is a platform that aims to make the NFT financial market more accessible through a machine learning model. Let’s find out what is special about this project with Weakhand in this article.
What is Upshot?
Overview of Upshot
Upshot uses the Upshot API toolkit to get near real-time prices for any NFT. Upshot currently values over 87,000 NFT collectibles (~104,000,000 NFTs) with high accuracy (3-10% MAPE). In addition to price information, the API provides many other types of related data (such as Marketcap, collection-level information, property-level information, user information, etc.).
Upshot’s mechanism of action
Upshot uses a machine learning model to learn the mapping between NFT characteristics, previous NFT sales for similar assets, and the current value of the NFT. Upshot defines “present value” as an estimate of the selling price for an NFT that is observable that it will be sold on the open market at that time. Upshot breaks down the process by which raw NFT data turns into priced NFT data.
Step 1: Gather data from multiple collections: Gathering complete data is the first step in the NFT appraisal process. Upshot collects data on Volume, floor price, collection characteristics, … for thousands of NFT collections. Upshot also works closely with external data providers such as Reservoir, SimpleHash and others to ensure the quality of the data Upshot receives.
Step 2: Feature extraction and data cleaning: Upshot processes the raw data obtained above to extract useful information that is most likely to influence NFT prices.
Step 3: Machine Learning Training: Upshot uses special Machine Learning algorithms to help quickly process the extracted data obtained from step 2. The algorithm iterates and handles problems that occur during the run until the accuracy of the The model is no longer improved.
Step 4: Predict: After training the model and lots of testing, the model is ready to be used to price any NFT.
What is the difference of Upshot?
Upshot offers a variety of products in the NFT marketplace:
Aggregate information about Volume, floor price, Marketcap, … about NFT collections in real time.
Lending: Get exposure to the NFT Lending market through aggregators or lending products curated by Upshot.
Indexes: Track the NFT market through NFT index products.
Core Team
Nick Emmons : Co Founder & CEO
- He joined John Hancock company as Lead Blockchain Engineer since January 2018.
- After that, he started and successfully started Upshot in September 2019.
Kenny Peluso : Co Founder & R&D
- He graduated with a degree in applied mathematics from Brown University.
- He has worked at Wantagh Tech Day as Tech Lead since December 2013.
- After that, he quit his job and joined John Hancock as a Full-Stack Developer in June 2018.
- In September 2019, he moved to R&D at Upshot.
Investor
February 19, 2020: Upshot announced the successful call for $1M
May 6, 2021: Upshot announced the successful call for $7.5M led by many investment funds such as: Blockchain Capital, CoinFund, Framework Ventures.
March 22, 2022: Upshot announced the successful call for $22M led by Polychain.
Tokenomics
Update…
Upshot Project Information Channel
- Website: https://upshot.xyz/
- Twitter: https://twitter.com/upshothq
- Medium:
summary
Upshot helps users easily access the NFT market through its pricing model. Hopefully the information I provide in this article has helped people understand a bit about Upshot.