The NFT Infra of Upshot 🥏
Tapping into NFT markets with Upshot!
Metaversal is a Bankless newsletter for weekly level-ups on NFTs, virtual worlds, & collectibles
Dear Bankless Nation,
Upshot builds financial infrastructure for the NFT space.
It’s now been two years to the day since the previous Metaversal post on Upshot, and a ton has changed with the platform since then.
Namely, Upshot now offers a range of helpful resources to help you better understand and manage your NFT holdings.
For today’s post, then, let’s get you up to speed on using the contemporary Upshot platform!
🦊 Thanks to MetaMask Portfolio 🦊
A Quick Tour of Upshot 🥏
What is Upshot?
Upshot is a NFTfi suite that leverages its own custom-built data interpretation layer to provide tools for helping users navigate NFT markets. These tools include:
API 📊 — This resource enables integration of Upshot’s machine learning-based NFT appraisals and market data into users' products or trading strategies.
Aggregator 🔀 — This tool allows users to review and trade NFTs across multiple marketplaces simultaneously in combination with appraisals, advanced statistics, and other features.
gmi 🎯 — The gmi score serves as a grading index for NFT wallets, empowering users to discover savvy collectors by assessing their achievements.
Indexes 📈 — These professionally curated NFT index products let users track category trends and movements in the NFT markets.
Lending 🪙 — Upshot's lending tools, coming soon, will provide users with access to NFT lending markets through an aggregator service and curated lending products.
Portfolio Tracker 🔍 — This tool allows users to monitor and appraise the value of their NFT collections.
Using the Upshot Aggregator
Once you’ve connected your wallet and signed into https://app.upshot.xyz, you can use the “Collections” tab or the search bar at the upper left side of the page to look for projects you want to find aggregated marketplace listings for.
Once you’re on a specific collection, the individual listings will show the NFT number, the sales price, and Upshot’s appraisal price, and you can choose from “Buy Now,” “Add to Cart,” or “Make Offer” options here. You can also click into a collection’s “Activity,” “Holders,” and “Traits” tabs to dive deeper into stats and trading trends.
Are you GMI?
One of the collection stats that Upshot tracks through its data interpretation layer is the “Average gmi” score of a given collection’s holders.
The Upshot gmi (grading market index) is a resource scored 1 through 1,000 that’s designed to assess the performance and potential of NFT wallets.
The higher the score, the more elite that wallet’s historical NFT activity according to Upshot’s metrics. For example, you could use this score to help gauge the viability of conducting a peer-to-peer (P2P) loan on NFTfi.com with a certain wallet.
The calculation of gmi is based on a multitude of factors, including realized and unrealized gains, the number and volume of transactions, the quantity and quality of NFTs owned, a wallet's age, and the number of collections owned. Scores are tracked across six levels, ranging from "based god" for scores above 975 to "ngmi," i.e. not gonna make it, for scores below 100.
This gmi scoring system is set to evolve over time per updates and community input, but for now if you’d like to check the initial scoring of your wallet or any other simply type your target address in at https://app.upshot.xyz/gmi.
Insights on Your NFTs
Beyond a marketplace aggregator and the gmi score, Upshot also offers a “My Portfolio” tab where you can get a bird’s-eye view of info about your portfolio, from key stats to wallet labels. It’s here that you can also review and manage your current active NFT listings and offers.
Check out the Indexes, too
In April 2023, Upshot introduced the first Upshot Indexes.
Developed from a suite of custom NFT index methodologies, these initial indexes track major segments of the NFT market. The Upshot Yuga Index monitors collections under Yuga Labs, e.g. CryptoPunks and BAYC, capturing some of the most liquid NFT collections, while the Upshot Art Blocks Curated Index tracks the top 20 Art Blocks Curated NFT collections, and the Upshot PFP Index tracks the top 20 profile picture collections.
These indexes, updated hourly, provide new ways to accurately track value in the NFT space, and you can review them at https://app.upshot.xyz/indexes. Expect more to be added over time, as well.
Llihwerd has a 17x return on investment in this bear market 🚀 Why? He’s a Bankless Citizen!
NFTfi projects like NFT liquidity protocols can be built on top of Upshot’s API infrastructure, but note that soon Upshot is directly leaping into the NFT lending scene with its own bespoke lending strategies. Accordingly, keep your eyes peeled on the platform’s socials for when the project next releases more info on these strategies!
William M. Peaster is a professional writer and creator of Metaversal—a Bankless newsletter focused on the emergence of NFTs in the cryptoeconomy. He’s also recently been contributing content to Bankless, JPG, and beyond!
A Bankless Citizen ⚑ turned $264 into $6,077 last year. A 22x ROI 🚀 in a bear market!
🙏 Together with 🦊 MetaMask Portfolio 🦊
You can now stake your ETH through MetaMask with liquid staking providers, Lido and Rocket Pool. Head over to MetaMask Portfolio to get started! You can also view your assets in one place and discover other features such as Buy, Swap, and Bridge.
Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.