Upshot indices 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.

30 Liquid

The Top 30 Liquid Collections Index includes the largest 30 liquid collections. The liquidity score methodology takes into account different components that describe a collection’s liquidity:

• Trading volume of an NFT collection refers to the total amount of currency like ETH or USD exchanged between the buyer and seller in a specific time interval. This is a very popular metric followed by most investors and collectors to evaluate digital assets. To account for wash trades, trading volume is adjusted for the percentage of distinct addresses that transacted in the respective collection’s items.
• The number of transactions during a time interval indicates how actively a collection was traded. To account for wash trades, trading volume is adjusted for the percentage of distinct addresses that transacted in the respective collection’s items.

For each collection, the components are ranked, with rankings expressed in percentile form. An overall collection-level liquidity score is derived by taking the weighted average of the components described above. Trading volume and number of transactions carry weights of 3/4 and 1/4, respectively during each period. The most remote, second and most recent period are assigned weights of 1, 2 and 4, respectively.

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.