Why we build bestshow.io
Hey! Thank you for your attention to BestShow.io, we will release several articles in the next period to introduce this new NFT tool to you. Today we want to talk about why we set up this platform.
Members of our team started paying attention to the NFT market in January last year, and in June, we started to buy some. At that time, there were many excellent projects that left an awesome impression, such as BAYC, Cool Cats, Deadfellaz, etc. We tried to buy on the secondary market, but there weren’t many tools for us to find the rare one at that early time. We could only choose based on intuition or the attribute percentages provided by Opensea (Maybe Cool cats pioneered a new dimension to distinguish rarity — — background color. This makes the selection more intuitive). Later, rarity.tools provided a rarity query tool on the web page at first. Then rarity sniper also created a tool in discord, you can always look up the rarity of any ones. There are still many other tools, which rank the same series of NFTs from high to low through different algorithms. Users purchased NFTs based on these numbers. And for a long time, things have been like this.
However, as these excellent projects continue to be active in the market, we found that rarity no longer determines whether a NFT is popular, especially for true collectors. Such a strange phenomenon often occurs: NFTs with rare elements cannot be sold quickly. Or maybe it’s even priced lower than its peers whose all elements are mediocre. We gradually realized (and I believe many people can feel) that rarity≠market recognition. In fact, rarity is hard to express how much people love a certain type of NFT, except for a the new one after reveal (Usually no more than a week, or even several days). For examples, such as the common BAYC wearing black hat with BAYC logo. It’s very popular in the market although it looks ordinary except for the hat.
There are also some Special Events, which will affect people’s love for a certain element. This has happened several times in the history of BAYC. For example, suits have become hot due to Christie’s auctions; Curry bought blue-skinned monkeys. These all affect people’s purchasing needs.
Similar to this, it is impossible to use the rarity ranking to indicate whether a NFT is loved by collectors, especially for projects with longer durations. (God, BAYC is only less than a year old! Is this the time dimension of the NFT world? We are early.)
We always wonder if there is better way to reflect people’s love for NFT? Or even go a step further, judging its current approximate price based on the level of love?
How to quantify people’s “favorite” based on historical transaction datas? Use history itself, of course! We choose BAYC as an attempt to organize, clean, and analyze its historical transaction data (multiple platforms), and then build a model to obtain people’s transaction recognition for a certain group of elements, that is, which elements have higher historical transaction prices. This results in a “favorite” score. Then according to the current market transaction price, get the “suggested price”.
In theory, we hope that in this way to get closer to the real purchase intention and establish a new evaluation standard. It is not based solely on attribute percentages, but we infer from each real transaction. Every transaction in the future will also affect our model, this evaluation is dynamic. Imagine if Musk bought a… space suit monkey one day, then the market will definitely increase the price of spacesuit elements! Crazy but true. Certainly, such price fluctuations will also be reflected in the latest evaluation scores of BestShow.
This model requires enough time and market transaction data, it is not suitable for projects with short time, so we can only provide services for some “blue-chip” projects in a short period of time.
Yes, this is one of the first things we will do. Of course, there will be more functions when the BestShow is launched, and we will reveal them in future articles, so stay tuned!
Currently, you can see the demonstration of preliminary functions on our demo website, BestShow.io, and search for bayc you are interested in to see his suggested price. In addition, you can also join our discord to discuss(https://discord.gg/j6ceNn8F6P), welcome!
