Upshot, a protocol that provides non-fungible token (NFT) valuations, has raised $22 million in a Series A2 funding round led by Polychain Capital,
Assessing the value of an NFT is a tricky task because the answer is essentially “what someone is willing to pay.” However, it is important to have price data both as a potential NFT trader and for developers exploring the intersection of decentralized finance (DeFi) and NFTs.
Launched in 2019 as an insurance-focused prediction tool, Upshot built its real-time NFT evaluation data by asking its users to compare collectibles with incentives for honest or expert opinions. Upshot offers an Application Programming Interface (API) for developers to integrate the data into their projects. The Upshot analytics platform is available in private beta and will soon be open to the general public.
Upshot plans to use the new capital for additional research and development for its pricing models, to hire more staff, and to fund new DeFi algorithms and related development tools.
In the Series A extension, Polychain joined previous investors Framework Ventures, CoinFund, Blockchain Capital, Slow Ventures, Mechanism Capital, and Delphi Digital, among others.
“Polychain is inspired by the vision of a collective intelligence platform that rewards its users for accurately modeling and pricing esoteric assets,” Polychain Capital founder and CEO Olaf Carlson-Wee said in a press release. . “Upshot provides in-depth insight into the NFT markets and has already proven the effectiveness of its pricing models through industry-leading accuracy metrics, its Sotheby’s Bored Ape Yacht Club lot auction assessment and more.” “.