How to Appraise NFTs on Upshot
Upshot is a platform for crowdsourced NFT appraisals. A decentralized community of collectors interact with Upshot to deliver quick and accurate pricing of assets through appraisal games.
Upshot aims to be a collector-centric NFT platform that gives NFT collectors unique opportunities to capture value from their expertise. This is your opportunity to actually work for a protocol.
This post has been adapted from a recent Bankless newsletter. Click here to view the original post.
Start earning rewards for appraising NFTs
Answering questions on Upshot is simple, addicting, and gas-free.
1. To start appraising, click the Use Upshot button at the top right corner of the screen.
2. Next, you’ll be prompted to connect your wallet. You can connect your wallet via MetaMask or WalletConnect.
Pro-Tip: Sign-up for Upshot with the wallet address you use to hold your NFTs to get paid more.
3. After you connect your wallet, choose a group whose NFTs you’d like to appraise. You can join groups appraising digital art from leading NFT marketplaces, such as SuperRare, KnownOrigin, and Rarible, as well groups for crypto collectibles, such as CryptoPunks, CryptoKitties, Axies, $MEMEs and more.
4. It’s time to start appraising. You’ll be presented with questions and it’s your job to answer them honestly. The way to maximize your score as an appraiser is to be informed and honest: to put in effort to provide the honest response to a question.
Best part: you just have to sign messages with your answers — no gas required.
5. If you don’t feel confident about an answer or just want to skip the question, no worries! You can skip questions without any penalty.
6. If you need more information before providing an honest appraisal, be sure to check out the page with details for that specific NFT. To do so, click on the information icon at the bottom right corner of the NFT card and then click More Details.
7. If you’d like to appraise NFTs in other groups, click the group icon in the header next to your profile picture. This will bring you to a page with an extensive list of the groups currently on Upshot.
8. On a regular basis, small committees of appraisers are chosen at random to have their answers scored (these events are called “scoring rounds”). You’ll receive a notification when you’ve been selected for a scoring round.
9. Every week, payments will be sent out to appraisers of each group based on how honest they were and how much money is available. As an appraiser, you can find this info, claim your rewards, and see other useful metrics either on the group page or for all groups in your user profile.
Right now, appraisers receive both USDC and UPT for their appraisals. Currently, UPT is only usable within Upshot — it’s used to request appraisals of specific NFTs, unlock special appraiser rewards and more.
Earn rewards for funding groups
Another thing you can do on Upshot is “fund” groups. Funding creates “fuel” for groups in the form of yield. This is the primary source of money to pay appraisers. When someone funds a group, their staked capital is invested in different interest-earning protocols on-chain, such as Compound. At any point, a funder can withdraw the amount they originally deposited. So, you can think of funding groups as closer to “donating your yield”.
1. To fund a group, head to the groups page by clicking the group icon in the header next to your profile picture. Next to each group, you’ll see an option to Fund the group. From here you can deposit USDC.
2. People who fund groups will earn UPT based on how much of the group’s funding they’ve provided and for how long. Claiming the UPT you’ve earned can be done from the groups page or from the about section of a specific group.
3. One perk of UPT, is that it gives you some influence over what NFTs are appraised in a group. You can see all of the NFTs eligible for appraisals in a group’s “registry”. When requesting an appraisal for an NFT, you’re also asked what you believe the price of the NFT is as a starting point for appraisals.
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