US-based Upshot, a blockchain-based protocol and platform that incentivizes experts to answer subjective questions honestly – enabling real-time NFT appraisals, raised US$ 7.5 million in Series A funding round on 6 May 2021.
Investors: The funding round was co-led by Framework Ventures, CoinFund and Blockchain Capital with additional investments from Slow Ventures, Mechanism Capital, Delphi Digital, CMS Holdings, Stani Kulechov, Kain Warwick, Ryan Selkis, FlamingoDAO, Andrew Steinwold, Shayne Coplan, Cooper Turley, gmoneyNFT, Meltem Demirors, Tegan Kline, Tony Sheng, Andy Chorlian, and other notable figures in the NFT space.
Founded by Nick Emmons, Upshot is a blockchain-based protocol that incentivizes experts to answer subjective questions honestly and captures the value of truth. Its first product – Upshot One provides efficient valuations of non-fungible tokens (NFTs), unlocks opportunities for a new generation of appraisers and catalyzes powerful new innovations in the field of decentralized finance. Currently, Upshot is in its Beta level.
Upshot’s novel algorithm analyzes people’s answers to questions and rewards those experts who provide credible information for appraising a wide variety of digital assets. The startup aims to tackle the problem of NFT price discovery. It is doing this by incentivizing a community of experts to provide trustworthy, efficient appraisals of NFTs. Upshot’s, using its pricing tools will enable DeFi to unlock the full value of NFT assets. The protocol lives on the Ethereum blockchain.
What the CEO has to say: “Upshot’s mission is to capture the value of truth and to give people novel ways to get paid for their unique insights. Our goal with Upshot One is to create near real-time price feeds for NFTs through crowdsourced appraisals. In addition to creating value for the NFT market, Upshot will also unlock opportunities for a new generation of appraisers and catalyze powerful new innovations in the field of decentralized finance.” — CEO of Upshots, Nick Emmons.
What the investors have to say: “Upshot is critical for the broader NFT ecosystem to reach its full potential and in turn establish a reliable, metrics-based system for ensuring that end users can feel confident with the digital products that they are buying and selling. This is why we are so excited about supporting the Upshot team and their groundbreaking platform.” — Framework Ventures co-founder, Vance Spencer.
“For years, non-fungible tokens were thought of as an illiquid market. Through Upshot’s incredibly important work in peer prediction oracles, we will lay the foundation for financial services on the NFT asset class by providing on-chain appraisals and pricing for these assets. Upshots is a 0-to-1 innovation for both DeFi and NFTs.” — Jake Brukhman, Founder and CEO of CoinFund.
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