Blockchain-based machine learning, crowdsourced, and public-sourced NFT appraisal platform aims to be the appraiser in the digital asset market.
The Upshot, a blockchain-based technology that provides industry-leading nonfungible token (NFT) appraisals, has today announced the 22% million Series A2 round of funding led by Polychain Capital, the world’s leading investor of cryptocurrency protocol and companies. Polychain has joined prior investors Framework Ventures, CoinFund, Blockchain Capital, Slow Ventures, Mechanism Capital, and Delphi Digital, among others.
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Upshot Raises $22 M In Series A2
Upshot is the only and the most prominent technology company which can accurately and effectively assess the worth of digital assets like NFTs on a scale of. The company intends to use the funds for further research and development of its pricing models and to expand its team. The investment will also assist Upshot in financing its unique financial decentralization (Defi) NFT primitives and develop additional developer tools that will allow other developers to create new Defi NFT primitives that leverage its price feeds.
“At CoinFund, we are super excited to participate in this financing round for Upshot.”
Based on DappRadar, the trade volume for NFTs was $24.9 billion, increasing from $95 million in 2020. However, the overall rise of NFTs in terms of the user experience and the crossover application within Defi and other areas was slowed due to the difficult pricing mechanism for digital assets. Real-time, machine learning, and appraisals based on expert sources are logical ways to solve this crucial issue.
“This last year has been one of rapid growth for NFTs. However, the inefficient pricing mechanism for these assets has significantly hampered the potential of these assets,” stated Upshot co-founder and chief executive Nick Emmons. “During this time, we’ve been working hard to develop the most effective pricing models for the NFT sector. We’re thrilled to partner with Polychain, one of the top crypto funds, and we’re about to embark on our next stage of development. Through this fundraising round, we’ll aggressively expand our team, enhancing our pricing model that is a leader in the industry, and constructing a range of innovative, new primitives that are at the crossroads of NFTs and Defi.”
The interplay between Defi and NFTs is an entirely new and high-growth sector within the industry. One way of accessing this new market is to use live NFT price data. To limit the price volatility and price bubbles in NFTs and also create the possibility of liquid digital assets, issues of scale and accuracy in the market must be dealt with. Offering the tools needed to achieve appraisals by industry experts opens up this opportunity for Defi NFT primitives, including leverage, arbitrage, liquidity, and risk.
“Polychain is a result of the idea of a collaborative intelligence platform that rewards its users for their accuracy in modeling and pricing exotic assets. Upshot offers a deep understanding of NFT markets and has proven the value of their pricing model through high-quality accuracy metrics and their appraisal of auction house Sotheby’s Bored Ape Yacht Club batch auction and many more,” said Olaf Carlson-Wee. He is the founder as CEO of Polychain Capital. “Upshot is the leading real-time appraisal market, which will open the door to the future of financial fundamentals for the NFT market.”
“At CoinFund, we are very excited to be a part of the next round of financing for Upshot,” said Jake Brukman, the founder of CoinFund. “Upshot’s appraisal and machine learning capabilities open new best-in-class basic technologies to bring liquidity and Defi into the NFT market and has the potential to significantly expand the range of uses for nonfungible assets.”