Indexes Methodology

Upshot indexes are market capitalization-weighted and leverage Upshot appraisals.
At any given time and collection, most NFTs are not on sale and many may have never even sold previously. Using appraised values addresses these issues, providing a fair assessment of an asset’s intrinsic value.

Index construction

An index includes a given number of collections, also referred to as index constituents.

Constituent weights are based on market capitalization using the 30 day mean appraised value of a given collection. A weight cap can be applied to constituent weights to prevent few large constituents dominating the index disproportionately.

Yuga Index

The Upshot Yuga Index monitors the performance of collections under the Yuga Labs umbrella, weighted by appraisal-based market cap. This methodology captures some of the most liquid NFT collections, enabling developers to offer exposure to verticals such as PFPs, metaverse, generative art, and gaming in a single index. The Upshot Yuga Index includes collections such as Bored Ape Yacht Club, Otherdeed for Otherside, Mutant Ape Yacht Club, CryptoPunks, Meebits and Bored Ape Kennel Club.

PFP Index

The Upshot PFP Index tracks the top 20 PFP (profile picture) collections, weighted by appraisal-based market cap. This index represents a significant portion of the NFT space, with many PFP projects driving social identity, community engagement, and network value within the digital realm. The Upshot PFP Index includes collections such as CryptoPunks, Bored Ape Yacht Club, Azuki, Clone X, Pudgy Penguins, and Doodles.

Artblocks Index

The Upshot Art Blocks Curated Index tracks the top 20 Art Blocks Curated NFT collections, enabling developers and projects the ability to offer exposure to cutting-edge generative art. The index includes Chromie Squiggle by Snowfro, Fidenza by Tyler Hobbs, Ringers by Dmitri Cherniak, Gazers by Matt Kane, and Archetype by Kjetil Golid, among others.

Index maintenance

Each index is rebalanced every 30 days. This means recalculating weights as of the previous month end, which are used to calculate the index levels for the current month. As collections’ market capitalizations fluctuate, new collections may join the index while existing constituent collections may drop out.