For the past six months, we have been building what we believe is one of the world’s most accurate…

Introducing: GooseFX NFT Appraisal Engine

Background

What is the value of one Bitcoin? From a fundamental perspective, the question gets tricky and the answer will vary depending on who you ask. Thankfully we have several markets that together determine a real-time fair price for anyone looking to trade. Each of these markets has bids that indicate the maximum price that buyers are willing to pay and ask prices which indicate the minimum price that sellers are willing to accept. A low spread between the bid and ask orders indicates an effective market, making it easy for me to check that the fair price of one Bitcoin at the time of writing is $41,170 USD.

What about my NFTs, anon?

So how about the value of the monkey NFT you bought two months ago? Well, that gets a bit trickier. At the time of writing, the floor price of Solana Monkey Business rests at 228 SOL which is approximately $24,000 USD. The floor price of an NFT collection is like a collection level ask price, meaning the price of the cheapest listed NFT of a collection. But the monkey in your wallet is somewhat different from the floor NFT.

Your monkey is SMB #2450, wearing a sombrero, a suit, and a pair of yellow sunglasses. The cheapest listed sombrero monkey is listed at 325 SOL. However, that’s only the ask price, and the NFT has been listed for a while. On the other hand, that sombrero monkey is not wearing sunglasses like yours. Should the value of your NFT be higher or lower because of the sunglasses?

Let’s look at this from another perspective. You know that you paid 170 SOL for your monkey NFT back in February. Since then the floor price has doubled. Does this mean that the value of your NFT has doubled? What if the seller of your NFT was panicking about Solana crashing and therefore only charged you 170 SOL for an NFT that was really worth 250 SOL at the time? How would you know? And if that was the case: should the potential panic of the past owner of your NFT have any effect on the fair price of your NFT today?

With the tools available for us today, it is far easier to value something that is fungible in nature than something that is not fungible. And NFTs are by definition non-fungible. We are, however, about to make it much easier to appraise the value of NFTs.

On-Demand NFT Appraisal As a Service

For the past six months, we have been building what we believe is one of the world’s most accurate valuation models for non-fungible tokens. By combining mathematical modeling and machine learning, we have built an NFT appraisal tool with an R2 score of 0.89. We are currently packaging the model into what we are calling an On-Demand NFT Appraisal As a Service, which will be available from a web interface and through an API. We will deliver both real-time and historic fair prices for individual NFTs. With this first-of-its-kind service, you will no longer have to wonder about the fair value of your NFTs.

New Services and Future Enhancements:

We see our appraisal tool as a game-changer that will help the NFT space on its next step forward in NFT-DeFi. We have compiled a list of products that do not yet exist but are now possible to build using our tool, some of which we are currently building:

We are actively building:

• NFT marketplace that utilizes our appraisal service
• NFT Lending with guaranteed fair prices
• NFT fractionalization with fair prices and automatic order book creation through Serum markets

Some ideas for apps we are not yet building:

• NFT aggregate portfolio value tracker
• NFT statistics page that shows and compares the full market cap of collections based on the fair price of collection NFTs instead of floor price.
• NFT bargain sniper that automatically identifies undervalued NFTs based on rarity or collection appraisals
• An NFT showcase service (like a Solstead) that also displays the real-time value of each showcased NFT

We have launched a beta version of our NFT Appraisal Engine API. Currently, we support the following collections:

• Solana Monkey Business
• Thugbirdz
• Degen Ape Academy
• Pesky Penguins

To request new collection listings to the Appraisal Engine, please contact us directly on Twitter or discord to start the conversation.

The GooseFX team is putting up a bounty for the best Hackathon project utilizing our appraisal API. We have documentation for the API Usage shared here: https://docs.goosefx.io/tutorials/nft-appraisal-api-documentation

Please reach out to us in discord if you want access to our Hackathon support channel to keep in touch during the event.

Website | Twitter | Telegram | Discord | Docs

Disclaimer: The statements, proposals, and details contained above are informational only, and subject to change. We are in early stage development and may need to change dates, details, or the project as a whole based on the protocol, team, legal or regulatory needs, or due to developments of Solana/Serum. Nothing above should be construed as financial or legal advice.