NFT Valuation Public API

[GENERAL] Summarize your solution to the problem.

CNFT Jungle Valuation Tool will assess NFTs value for users using the Jungle Database which consists of: Full CNFT sales history for every asset and collection, rarity data, traits, listings and more.

[GENERAL] Summarize your relevant experience.

The team behind CNFT Jungle & CNFT Predator, an advanced real time NFT analytics platform and NFT sniping too.

[IMPACT] Please describe your proposed solution.

CNFT Jungle will create NFT valuation process by using a proprietary state-of-the-art algorithm to assess NFTs value based on historical data of key parameters proper to each NFT project such as rarity rank, trait sales floors etc.

[IMPACT] Please describe how your proposed solution will address the Challenge that you have submitted it in.

The valuation tool will mitigate the exposures that are hidden when relying on complex conventional approaches and inform buyers and sellers on the true value of the NFT they’re seeking on request:

• Integration With CNFT Jungle Platform: https://cnftjungle.io
• Plug-n-Play Integration: CNFT Jungle will provide APIs to ensure scalability as well as easy integration of the NFT valuation tool.

The valuation tool will leverage CNFT Jungle rarity database, historical NFT transactions paired with advanced analytics to estimate true NFT market price. 

[IMPACT] What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?

An NFT is nothing more than an asset like any other, with metadata that defines it (buyers, sellers, name, etc.), and ultimately: a market. So, what makes the task of evaluating an NFT so complex?

1. A highly speculative market: many buyers purchase NFTs with the goal to resell them 10x higher. They’re looking for this rare gem that will see its value skyrocket in no time. This is what makes the NFT ecosystem a speculative market where current listed prices of NFTs are very difficult to assess versus their true value.
2. Lack of historical data and liquidity: how do you assess the value of a new NFT that no comparable asset has ever been sold? or an NFT sold once the last 6 months or year?
3. NFT diversity: NFTs are published as part of projects, each project has its own metadata that defines the key elements defining its assets value. And the list of projects is growing daily, increasing the complexity of assessing NFTs value for the daily trader.

To add more complexity, certain players we call “Market Makers”, or “Whales” can create “exceptions” by buying any asset at the price it’s currently listed for, even if the price is way above the market price compared to historical sales. This, coupled with the fact that the NFT ecosystem remains relatively small and new, makes evaluating an NFT a risky and complex task. 

[FEASIBILITY] Please provide a detailed plan, including timeline and key milestones for delivering your proposal.

NFT Valuation Tool development will require 4 phases:

• Research: Comparing similar NFT valuation tools on the market and choosing the best approach to move forward.
• Coding: Design a scalable architecture and prototype to test and optimize queries for fast individual NFT valuation and caching.
• Testing: Gathering testers and applications to adopt the NFT valuation tool for feedback and first API stress testing.
• Public API: Finalizing the integration and releasing it for public use. 

[FEASIBILITY] Please provide a detailed budget breakdown.

Budget will be split in 4 phases

• Picking the right model/algorithm that leverage efficiently our data $9000.00
• Testing and fine tuning the chosen algorithm $8,000.00
• Adding the tool to CNFT Jungle public API offering $8,000.00
• Various (Server costs, data storage) $5,000.00

[FEASIBILITY] Please provide details of the people who will work on the project.

CNFT Jungle team has built and delivered many successful NFT tools in the past:

• CNFT Jungle Platform: https://cnftjungle.io
• CNFT Predator | NFT Sniping Browser Extension: https://bit.ly/3x9E0K3

At CNFT Jungle, we leverage our NFT knowledge and expertise to build NFT tools and applications that help thousands of users daily fulfill their NFT needs. 

[FEASIBILITY] If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.

We won't require any more funding for this project

[FEASIBILITY] Are you or any member of your team working on any other proposals in this Fund9?

[FEASIBILITY] Are you or your team working on any other proposals from previous Funds?

[AUDITABILITY] Please describe what you will measure to track your project's progress, and how will you measure these?

NFT Valuation Tool development will split in 4 parts:

• Research (Models, data, etc.) - 1 week
• Coding (Putting the model together) - 1 week
• Testing (Fine tuning the tool) - 1 week
• Developing a public API - 1 week

[AUDITABILITY] What does success for this project look like?

Ready to use public API which would take asset_id and return valuation metrics.

[AUDITABILITY] Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.

Entirely new one