UCHOOSE

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Background

Inspiration

How do you usually choosing the NFT you want to buy in the collection? Maybe you you just take the cheapest 1, maybe you finding the one you just like the most, or maybe you are already familiar with Nftsniper, rarity sniffer and etc., so you can do an evaluation and try to find good rarity score for its price. And what about the last? Right now, there is no popular methodology or service to find the best price for each NFT.

What it does

Uchoose is a service where you can find NFTs rarity and their "fair prices" which is calculated with a massive metadata and transaction history.

How we built it

The idea was born at the previous hackathon and since then we have made solid progress. To access metadata for NFTs we use The Rarible Protocol, because it provides us a single data access point with detailed documentation implemented using a detailed Open API specification.

So, the first main step after we collect metadata from interesting collection is to calculate rarity of each trait, and the rarity for all NFTs in collection. We do this using generally accepted methods, where the numerical value of the NFT rarity score is calculated by adding all Trait rarity score, the value of which depends on their rarity in the collection.

Next and most important part in our service is the calculation of the NFT fair price. To do this, we use data on the last purchases of each NFT and get the fair price of one unit of rarity estimation based on the median value of the last purchase price of this NFT divided by its NFT Rarity Score. And then we get the Fair price NFT by multiplying its Rarity Score by the fair price for point.

Also, we add NFT Profitability Ratio which indicates potential benefits of purchasing NFT, which is calculated as NFT Fair Price divided by NFT current sell price. If this coefficient is higher than 1, then this transaction is potentially profitable. The higher the value, the more profitable the deal can be.