Prosper launches decentralized NFT pricing estimation.
Following our latest project update, we would like to introduce our newest product that we’re very axcited about: Prosper Votes.
What is Prosper Votes ?
Prosper Votes capitalizes on Prosper’s collective intelligence leveraging experience by helping NFT owners or prospective buyers positioning NFTs in a price range.
How does it work ?
On the Vote creation side, NFT owners will be able to initiate a vote in which they will input their own NFT, and a reward amount. The system will then gather 9 more NFTs from the open markets and submit all 10 NFTs to voters.
On their sides, voters will be submitted the 10 NFTs in a 1 vs 1 price comparison where they will vote for the one they think costs the more. The system will then iterate the votes until it is able to position the Vote Creator’s NFT amongst the already priced ones, and output a price-range for it. Voters share the Vote’s rewards as compensation for their time.
Why is it a great concept ?
We have identified that it is often complicated for NFT owners or buyers to estimate the value of their tokens / the tokens they have their eyes on. Due to the auction systems, it is often complicated to match their NFTs or collections to the current market, with some of the prices being old auctions, some being fake prices, etc.
The idea is then to help them, for a bounty, estimate a range of prices for their tokens that is actually based on what the mass market — other NFT buyers — would be ready to pay for.
On top of that, it is also a good way for them to introduce and advertize new NFTs, as their tokens will be seen by thousands of people participating to the votes, and the vote output already guaranteeing prospective buyers a fair price. Same argument goes the other way, we believe Votes will be a great way for prospective buyers to discover new NFTs.
We believe the rewards paid to initiate a Prosper Vote will be very quickly compensated by the accuracy of the decentralized Price estimation, allowing faster and fairer NFT sales on exchanges.
On the Voters side, the interest is clear: being rewarded for spending some time voting, with no risks for their own assets and no risks of loosing any investments (contrary of binary options).
Where, when, how ?
We will launch prosper votes in the coming days on our own platform as a first step. As the system requires large scale human behaviour testing, we will be creating the first Votes ourselves with rewards in $PROS for the voters. Once we have confirmed the product behaves like we expect it to, we will open the possibility to create Votes to users.
Note that Voting will require to own a small amount of $PROS as anti-bot measure.
We will then keep working with Animocabrands’ NFT collections and NFT-related projects to either be referenced, or integrate, the Prosper Voting system to their platforms or in-game universes.
