Upshot, a Boston, MA-based blockchain-based protocol that incentivizes experts to answer subjective questions honestly, raised $7.5m in Series A funding.
The round was co-led by Framework Ventures, CoinFund and Blockchain Capital with participation from Slow Ventures, Mechanism Capital, Delphi Digital, CMS Holdings, Stani Kulechov, Kain Warwick, Ryan Selkis, FlamingoDAO, Andrew Steinwold, Shayne Coplan, Cooper Turley, gmoneyNFT, Meltem Demirors, Tegan Kline, Tony Sheng, Andy Chorlian, and several other notable figures in the NFT space.
The company intends to use the funds to continue to expand operations and its business reach.
Led by CEO Nick Emmons, Upshot uses a novel algorithm that analyzes people’s answers to questions and rewards experts who provide credible information for appraising a wide variety of digital assets. The company’s first product – Upshot One – is specifically designed to tackle the problem of NFT price-discovery by incentivizing a community of experts to provide efficient appraisals of NFTs. The protocol lives on the Ethereum blockchain.
The company’s first product – Upshot One – is designed to provide efficient valuations of non-fungible tokens (NFTs). Upshot is currently available in Beta and will continue to open up more spots as they become available.