A new grading index for NFT wallets. Check any wallet here.

Upshot gmi is a single powerful number that helps identify high performing wallets and provides novel insight into the future of metaverse identity & reputation. Complex questions like, “should we lend to this wallet?” or simple ones like “are they gonna make it?” can be quickly and confidently answered through Upshot gmi.

For our nascent space to mature, we need two crucial components: accurate asset pricing and persistent reputation. Conveniently, both numbers contribute reciprocally to the other’s accuracy. One of the nuanced and critical problems we face while producing the most accurate NFT pricing is grading the various parties across transactions. Consequently, we’ve been exploring ways to quantify different wallets and their activity within the NFT space for some time.

Building off of previous attempts at this from projects like Degen Score, ARCx Passports, and Nansen’s Smart Money, some of the factors that go into calculating a wallet’s gmi include:

• Realized/Unrealized gains
• Number of transactions
• Transaction volume
• Number of NFTs
• Number of Premium/Blue Chip NFTs
• Age of wallet
• Number of Collections

The leveling system for gmi is broken into six segments:

• based god [>975] Legendary wallets, the very biggest collectors and traders
• based [900-975] based
• full degen [700-900] Full-time degeneracy
• degen [400-700] Part-time degeneracy
• tourist [100-400] Just browsing, mostly
• ngmi [<100] Sadly, ngmi

Additional Considerations

Reputation and degeneracy take many forms in our space and we’re just getting started in classifying to make them more useful and interoperable for builders, creators, and collectors. Areas of the market like 1/1s, editions, membership tokens, and virtual land are not contemplated in our current gmi calculations and we have only focused on Ethereum transactions at this time.

It's common practice for NFT collectors to hold NFTs across multiple wallets. Minimally, many collectors will often have one hot wallet (or multiple) that they’re actively using to buy/sell NFTs and a cold wallet where they store their longer-term NFT positions. Because it’s difficult to know when someone is transferring NFTs between their own wallets vs someone else's wallet, we've had to make a decision around how to best attribute gains to different wallets when there are transfers in between sales.

For this first version of gmi, the wallet that last purchased the NFT will be the one attributed with the gain/loss when that NFT is sold; regardless of whether or not there were transfers between the last purchase and the sale.For example, let's say bigpictureguy.eth buys a Bored Ape from one of their hot wallets (hot1.bigpictureguy.eth), then transfers it to their cold wallet for storage (vault.bigpictureguy.eth), then later transfers it to another one of their hot wallets (hot2.bigpictureguy.eth) to sell the ape from. The gain or loss from this sale, even though coming from hot2.bigpictureguy.eth, will be attributed to hot1.bigpictureguy.eth because that was the last wallet to purchase the ape.

These design decisions come with their own set of trade-offs and may result in some unexpected numbers being displayed on someone's gmi card. While we feel as though these decisions bring more benefits than detriments in light of the aforementioned complexities and potential for manipulation, subsequent versions of gmi will aim to solve these problems without as many compromises.

Sooon

In the future, we plan to expand gmi to include activities across the metaverse. Things we’re investigating:

• Types/Superlatives/Badges
• Leaderboard and other wallet discovery tools
• Inclusion of 1/1 collection types
• Social channels, audience scoring
• Combining multiple wallets into single identity
• Governance and DAO membership activities
• P2E participation
• Support for other chains

While this initial approach is by no means complete, we think Upshot gmi will bring context and utility to wallets and provide a new platform for persistent reputation at the intersection of DeFi and NFTs.  We’re working to evolve and refine gmi based on what our community values and the feedback we receive, so please let us know what you think.

Starting today, anyone can check a wallet’s gmi at upshot.xyz/gmi. gmi will soon be available for developers to leverage directly through the Upshot API. We’re excited to see how builders are able to use gmi to build novel DeFi primitives and notions of identity.

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