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.
Tokens are the élan vital of Web3 networks, and projects are often perceived through the price at which they trade. But token price, subject to market sentiment and speculation, is not synonymous with token value. To understand the fundamentals, we must first unpack the different ways that value accrues to tokens in the new Internet […]
With Ethereum’s Merge finally upon us, we’ve been thinking about how this historic milestone will affect our sustainability efforts. Polygon’s initial commitment to become carbon neutral and eventually carbon negative was largely addressing emissions generated by our relationship with Ethereum. The Merge dramatically changes that equation. Ethereum’s transition from Proof-of-Work to Proof-of-Stake consensus, known as […]
Today, we are thrilled to announce that Starbucks Coffee Company is working with Polygon to provide the blockchain technology to build its recently announced Web3 experience, Starbucks Odyssey. As a result of the partnership, this new Web3-powered experience will allow Starbucks Rewards loyalty program members and Starbucks partners (employees) in the United States to earn […]
The Polygon Avail Testnet is now live. As users begin incorporating Avail into their chain designs, a question that often comes up is, “How many transactions can Avail process?” This is Part Two in a three-part series of articles that will address Polygon Avail’s current performance, as well as its ability to scale in the […]
Ethereum’s much-anticipated transition to the proof of stake (PoS) consensus, known as the Merge, is almost upon us. It’s a momentous event with broad-ranging implications for the greater Ethereum ecosystem. So we wanted to provide a definitive list of frequently asked questions (and answers) as well as address some of the common misconceptions, both of […]
Polygon has teamed up with Alpha Venture DAO and Icetea Labs to launch the inaugural Icetea Labs Accelerator Program for blockchain startups. Working in a tight three-way partnership, Polygon is co-creating an accelerator to funnel resources, mentorship, education, and business acumen to promising Web3 companies from around the world. The startups selected for the accelerator […]
Applications are open for Polygon Bootcamp Africa, launched in partnership with Xend Finance! The eight-week intensive educational course and hackathon combo will put developers in Africa on the Web3 map. This is Polygon’s biggest step in providing resources to developers, builders, and creators in Africa, and it comes during an important time. An internet and […]
As part of our ongoing efforts to inform the Ethereum community about the efforts of Polygon’s zero-knowledge (ZK) teams, we will be posting a series of technical papers by our engineers and researchers. We hope that everyone who’s interested in the inner workings of Polygon’s ZK projects, Ethereum itself, and cryptographic engineering in general will […]