Upshot brings Crowdsourced NFT Appraisals to Polygon!
May 27, 2021
We’re thrilled to announce that Upshot is bringing crowdsourced NFT appraisals to Polygon!
While the NFT space is in a massive boom the last few months, the valuations are still tricky and highly subjective. Enter Upshot, a protocol that pays experts for honest insights, enabling real-time NFT appraisals.
Polygon’s NFT ecosystem has been rapidly growing with more than 100+ NFT Dapps including Opensea, Aavegotchi, Zed Run, Neon District, Megacryptopolis building on Polygon.
Upshot is a protocol that uses appraisal games to incentivize people to answer subjective questions honestly. Their first product aims to provide an efficient price-discovery mechanism for NFTs by paying experts for honest appraisals — unlocking new opportunities for experts and enabling a number of powerful new DeFi primitives.
Integrating with Polygon will enable reduced gas fees, faster transactions, and a seamless experience for Upshot users. Upshot will also benefit from the thriving ecosystem being built on Polygon, which now includes some of the leading DeFi projects — Aave, Slingshot, and Sushi, just to name a few — making Polygon a perfect fit for us as we work to build scalable pricing infrastructure at the intersection of NFTs and DeFi.
With this move, users will be able to quickly deposit and withdraw funding from groups at near-zero cost. On Upshot, groups specify the types of NFTs being appraised and how influential each appraiser is. Funding provides “fuel” for groups in the form of yield. When someone funds a group, their staked capital is invested in different interest-earning protocols on-chain. The yield earned from these protocols is divided among appraisers based on how truthful their answers are.
Initially, funding was deposited in Compound. With the move to Polygon, Upshot will leverage Aave as a yield source, making it possible to fund groups at a mere fraction of what it cost previously.
Upshot is a protocol that uses appraisal games to incentivize people to answer subjective questions honestly. Our first product aims to provide an efficient price-discovery mechanism for NFTs by paying experts for honest appraisals — unlocking new opportunities for experts and enabling a number of powerful new DeFi primitives.
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 350+ Dapps, ~128M txns and ~1M+ unique users.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.
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