What’s the real worth of an NFT? Investors spending billions of dollars on jpegs which can be saved right-click, has led to critics labeling the NFT rally as a passing trend. Investors continue to flock to this space despite the fact that they have spent millions of dollars on jpegs.

A NFT protocol, which can accurately and reliably value digital collectibles, announced today that it has raised $22,000,000 in Series A2.

Upshot launched as an insurance-based predictor tool in 2019. In 2019, Upshot created a real-time NFT appraise system. Users are encouraged to offer honest opinions or experts about collectibles’ value.

Polychain Capital was the lead investor for cryptocurrency protocols and startups, leading the Series A extension. Framework Ventures was also involved, as were Blockchain Capital and Slow Ventures.

Commenting on the round, Polychain Capital’s founder and CEO Olaf Carlson-Wee said in the press release:

Polychain’s vision is to be a collective intelligence platform which rewards users who accurately model and price esoteric asset. […] Upshot provides deep insight into NFT markets and has already demonstrated the efficacy of their pricing models through industry-leading accuracy metrics, their appraisal of the Sotheby’s Bored Ape Yacht Club batch auction and more.

According to Upshot’s co-founder and CEO Nick Emmons, despite the explosive growth in the NFT sector over the past year, pricing mechanisms for these new assets have remained inefficient, thereby “significantly limiting their potential.”

Emmons stated that the new capital injection will be used to “aggressively” expand the company’s workforce, improve its pricing models, and build out “a suite of novel, exotic new primitives at the intersection of DeFi and NFTs.”

Continue reading on BTC Peers