Upshot gmi is a single powerful number that helps identify high performing wallets and provides novel insight into the future of metaverse identity & reputation.
Complex questions like, “should we lend to this wallet?” or simple ones like “are they gonna make it?” can be quickly and confidently answered through Upshot gmi.
For our nascent space to mature, we need two crucial components:
- accurate asset pricing
- persistent reputation
Conveniently, both numbers contribute reciprocally to the other’s accuracy. One of the nuanced and critical problems we face while producing the most accurate NFT pricing is grading the various parties across transactions. Consequently, we’ve been exploring ways to quantify different wallets and their activity within the NFT space for some time.
Building off of previous attempts at this from projects like Degen Score, ARCx Passports, and Nansen’s Smart Money, some of the factors that go into calculating a wallet’s gmi include:
- Realized/Unrealized gains
- Number of transactions
- Transaction volume
- Number of NFTs
- Number of Premium/Blue Chip NFTs
- Age of wallet
- Number of Collections
Areas of the market like 1/1s, editions, membership tokens, and virtual land are not contemplated in our current gmi calculations and we have only focused on Ethereum transactions at this time.
|based god||>975||Legendary wallets, the very biggest collectors and traders|
|full degen||700-900||Full-time degeneracy|
|part degen||400-700||Part-time degeneracy|
|tourist||100-400||Just browsing, mostly|
Anyone can check a wallet’s gmi at upshot.xyz/gmi. gmi will soon be available for developers to leverage directly through the Upshot API.
Reputation and degeneracy take many forms in our space and we’re just getting started in classifying to make them more useful and interoperable for builders, creators, and collectors.
It's common practice for NFT collectors to hold NFTs across multiple wallets. Minimally, many collectors will often have one hot wallet (or multiple) that they’re actively using to buy/sell NFTs and a cold wallet where they store their longer-term NFT positions. Because it’s difficult to know when someone is transferring NFTs between their own wallets vs someone else's wallet, we've had to make a decision around how to best attribute gains to different wallets when there are transfers in between sales.
For this first version of gmi, the wallet that last purchased the NFT will be the one attributed with the gain/loss when that NFT is sold; regardless of whether or not there were transfers between the last purchase and the sale.For example, let's say bigpictureguy.eth buys a Bored Ape from one of their hot wallets (hot1.bigpictureguy.eth), then transfers it to their cold wallet for storage (vault.bigpictureguy.eth), then later transfers it to another one of their hot wallets (hot2.bigpictureguy.eth) to sell the ape from. The gain or loss from this sale, even though coming from hot2.bigpictureguy.eth, will be attributed to hot1.bigpictureguy.eth because that was the last wallet to purchase the ape.
These design decisions come with their own set of trade-offs and may result in some unexpected numbers being displayed on someone's gmi card. While we feel as though these decisions bring more benefits than detriments in light of the aforementioned complexities and potential for manipulation, subsequent versions of gmi will aim to solve these problems without as many compromises.
Updated 7 months ago