[MGH DAO] Bringing NFT valuation data for Axie Infinity to the Ocean marketplace

OceanDAO Round 12
#1

Name of Project:

MetaGameHub DAO

Updates on the previous grant:

Dear community, it has been almost two months and we have made great progress on the development of our valuation tool. We are very thankful for all the ones that supported us during round 10 and are therefore happy to report our progress and apply for round 12 with the goal of further creating awareness on the importance of fair and transparent NFT pricing data within the Open Metaverse.

[ x ] Grant deliverables Tech

We created a datapool with key stats from The Sandbox which gets updated on a weekly basis.

The dataset contains two types of data:

  • Aggregated data retrieved from Opensea and Etherscan
  • Processed data from a machine learning algorithm

The aggregated data is divided into data for every token id and for the whole NFT LAND collection. It includes variables such as tokenid, LAND coordinates, ask, bid, floor, average, max price, suggested operation, and key volume stats.

The processed data contains two main output variables: A predicted price and a price manipulation index for every token id. Every dataset is divided in two sheets: A Land Valuation and a Global Stats sheet.

Additionally, our LP has a TVL of $59000 making it one of the pools with the highest liquidity on the marketplace.

We deployed the valuation API for The Sandbox and received great feedback from the community. We are currently finalizing the development of the Decentraland API to add single land valuations and global stats about its secondary market. This will enhance the scope of the dataset, it will make it more attractive for virtual real estate investors and increase the intrinsic value of the Amused Whale token (AMUWHA-83).

[ x ] Grant deliverables community engagement

Regarding the social media, community and awareness deliverables, we have been spreading the word about the ocean marketplace in podcasts, AMAs, conferences, articles and social media networks such as Twitter and LinkedIn.

Proposal in one sentence:

We want to expand our LAND valuation dataset on the Ocean marketplace with valuable data from Decentraland and Axie Infinity.

Description of the project and what problem is it solving:

At MGH DAO the focus is on providing helpful data to navigate through the metaverse. The DAO aims to foster the convergence of DeFi, NFTs, the metaverse, and AI by combining utility, governance, and data within one holistic ecosystem. Through collaborative curation and fair pricing of NFTs, MGH is bringing more transparency and accessibility to the market by providing critical NFT infrastructure and creating a new layer of digitally native value. The initial development efforts will be on metaverse-related NFTs as this evolving market has some of the most auspicious digital assets (e.g. LANDs). Here the MVP of a pricing algorithm is finished and allows the creation of valuable datasets that for instance enable the discovery of undervalued LANDs on e.g. Opensea or other NFT marketplaces. MGH addresses the problems of intransparency, illiquidity, high risk and high entry barriers in the metaverse-based NFT market. Looking ahead, it is clear that data will be the most demanded and valuable commodity and that is why MGH wants to make metaverse related data accessible to developers, algorithms, protocols and to anyone that wants to access it in a transparent and permissionless way.

Grant Deliverables:

  • Develop an AI model for evaluating individual parcels in Axie Infinity
  • Expand Datapool with Axie Infinity LAND valuation data and update it on a weekly basis
  • Add 10000 $mOCEAN to the AMUWHA-83/mOCEAN LP locked for at least one year
  • Conceptualize and produce animated explainer video about the Ocean Marketplace and MGH.
  • x1 Medium article about further integration to the Ocean Marketplace
  • x2 Twitter Thread about the connection between the Ocean Marketplace, Decentraland and MGH DAO.
  • x1 Twitter Spaces with thought leaders talking exclusively about the dataverse and its importance.
  • Weekly post about our Datasets on the Ocean Marketplace.
  • x2 AMA about further collaboration with Ocean Protocol.
  • x1 Article about integration posted on at least five Korean and five Chinese media outlets.
  • Dataset use cases contest (MGH community is asked to propose innovative ideas of what could be done with the content of the Decentraland datasets -> The best idea wins $MGH).
  • x1 Metaverse Think Tank podcast talking about the new integration.
  • DAOist podcast talking about MGH x Ocean Marketplace and the importance of the Dataverse.

Which category best describes your Project?

  • Outreach / community / spread awareness
  • Unleash data

Which Fundamental Metric best describes your project?

  • Data Consume Volume
  • Total Value Locked

What is the final product (the tech part) ?

We will enhance the scope of our current The Sandbox LANDs dataset by adding key valuation data about Decentraland parcels and estates, as well as Axie Infinity LANDs. Additionally, we will increase the liquidity of the Amused Whale token by opening a pool on Quickswap where it will be tradable against mMGH. This will be complemented by our continuous marketing efforts to spread awareness about the Ocean marketplace and its disruptive character. Users that purchase the dataset will be able to access key valuation data from the three biggest and most popular metaverses: Decentraland, The Sandbox and Axie Infinity. The dataset will have six sheets, two for each metaverse.

The first sheet for each metaverse will contain the following variables:

  • LAND coordinates
  • Current Ask price
  • Current Bid Price
  • Forecasted Price
  • Suggested operation (buy or make offer)
  • Percentage Difference between ask or bid and forecasted price
  • Last sale time
  • Last sale price
  • Weekly price variation
  • Monthly price variation
  • 6 months price variation
  • Price manipulation Index

The second sheet for each metaverse will contain the following variables:

  • Max price last seven days
  • Min price last seven days
  • Max price last month
  • Min price last month
  • Max price last six months
  • Min price last six months
  • Min Ask Price
  • One day volume
  • One day change
  • One day sales
  • One day average price
  • Seven days volume
  • Seven days change
  • Seven days sales
  • Seven days average price
  • Thirty days volume
  • Thirty days change
  • Thirty days sales
  • Thirty days average price
  • Total volume
  • Total sales
  • Average price
  • Market cap (LAND sales)

Bang:

Assuming the price of the dataset will stay stable at 36 $OCEAN and there will be 40 interested buyers per week on average ( Q2 2022 forecast), and a fee of 5%, the value created for liquidity providers will be: 36 $OCEAN x 160 Buyers x 5% Fee = 288 $OCEAN / month from data acquisition.

Taking into account the additional TVL of 10000 $OCEAN and the income for a year of 12 * 288 $OCEAN, the Bang will be 13456 $OCEAN

BUCK: 9000 USD ~= 9783 $OCEAN (0.91$ / OCEAN)

Chance of success:

The metaverse is more relevant than ever before. Facebook changed its name to Meta and accelerated the awareness about metaverse on a global scale, Adidas closed partnerships with Coinbase and The Sandbox, Budweiser changed its Twitter handle to beer.eth, Grayscale released a report calling the metaverse a “$1T opportunity”. Although most of the metaverses are just in the transition of leaving the concept stage, the potential use-cases already made larger (blue chip) companies have a very close look at this opportunity. Taking this into account, if the amount of activity and visitors of metaverses such as The Sandbox, Decentraland and Axie Infinity keep increasing at the same rate, there will be a huge influx of investors looking for good undervalued LANDs and key stats about the virtual real estate market. At this point, The Sandbox LANDs Dataset is the only public dataset containing such data and expanding it with Decentraland and Axie Infinity valuations will make it much more desirable, which will increase the exposure of Ocean Protocol and its decentralized data marketplace.

Finally, MetaGameHub DAO is gaining momentum since its launch: Mcap of $3.000.000 USD at the time of writing, TVL on Uniswap of $800.000, TVL on Quickswap of $350.000 and a growing community (770 holders). The team is working around the clock to close partnerships with The Sandbox and Decentraland, as well as other metaverse projects to provide the needed infrastructure for MetaFi (Metaverse Finance) and raise awareness of the importance of data as a commodity and how Ocean Protocol is providing tools for the open data economy.

Estimation: 90 %

=> ROI = Chance of Success * BANG / BUCK = 1.238

Funding requested: 9000 USD

Proposal Wallet Address: 0x51bD9f5B2562ac622eb50DFd0F0D604558C7819f

Have you previously received an OceanDAO Grant (Y/N)? Yes

Team Website (if applicable): metagamehub.io

Twitter Handle (if applicable): @MGH_DAO

Project lead Contact Email: nicolas.weber@thedac.info

Country of Residence: Germany, Colombia and the Metaverse

Team

Core Team

Nicolas Weber

  • Role: Founder
  • Relevant Credentials (e.g.):
    • LinkedIn: https://www.linkedin.com/in/nicolas97weber/
    • Background/Experience:
    • Co-founder at EUTOK (European Blockchain Association)
    • Head of Business Development at Amazing Blocks AG
    • Founder & CEO DAC
    • Founder MGH DAO

Fredy Teheran

Santiago Hernandez

Camilo Alaguna

Role: AI and Data Science

Camilo Echeverri

  • Role: Co-Founder and Operations
  • Relevant Credentials (e.g.):
  • Background/Experience:
    • 3 Years Experience in the indexing and banking industry

Proposal Details

Project Deliverables - Category:

The deliverables of this proposal can be divided into three categories:

  • Awareness (Educate about the importance of NFT valuation data on the Ocean marketplaces)
  • Community Engagement (Competitions and events)
  • Technical Development (AI NFT Valuation algorithm for Axie Infinity)

Regarding the awareness part, we will start with the production of an animated video explaining the MGH valuation datasets and their connection to the Ocean Marketplace. We will complement this by writing an article explaining the new scope of our dataset and how people will be able to access it. This article will be translated to Korean and Chinese and will be distributed through at least 5 channels for each language. Moreover, we will write a twitter thread explaining our reasoning behind creating a dataset for virtual real estate valuations and how it complements the vision of the Ocean Protocol of an open data economy. Finally, the MGH founders will be on two different podcasts talking about fair NFT valuations and the dataverse while spreading the word about the Ocean marketplace.

The community engagement deliverables will be mainly focused on AMAs and community events. We will host one of the AMAs on our Telegram (2200 followers) and one with an AMA specialized group. This will be complemented with one special Twitter Spaces with thought leaders from the ecosystem and our community. The engagement strategy will be complemented with a contest where our community will have to propose innovative ideas on the projects and DeFi initiatives that could be started using our datasets and oracle infrastructure.

Our technical deliverables are based on curated datasets for Axie Infinity LAND valuations. These datasets are generated each week by a script that automatically extracts, processes, and stores the metaverse data in our databases. Then, the script evaluates lands and updates the dataset. This script is checked frequently to ensure that the valuations keep performing well. Additionally, a new valuation algorithm is going to be developed for the valuation process of Axie Infinity lands based on the ideas and the experience obtained with the development of the models for The Sandbox and Decentraland. To avoid overfitting the AI used in the valuation algorithm, the models will be trained after randomly splitting the training data into a training set (80%) and a testing set (20%). Additionally, both sets must have a correlation of at least 70% to be approved. Finally, the AI models will be reviewed regularly to maintain their performance (at least monthly).

Project Deliverables - Roadmap

Q4 2021:

On the 31st of December, we aim to launch the Decentraland LAND valuation dataset by merging it with the existing Sandbox LAND valuation dataset. Since it’s a Google Sheet, we can easily add spreadsheets to it representing another metaverse LAND valuation dataset. From there on, we will update the dataset on a weekly basis and save a snapshot every week so we also have a historical record.

Q1 2022:

Until the end of the year and rolling over to Q1 2022, we will spread awareness according to the points listed above (as a minimum) about the connection between the Ocean marketplace, the data economy and the metaverse valuation datasets from MGH DAO with the focus on Decentraland LAND and Axie Infinity LAND valuations

Future Plans and intentions:

As already described in our previous proposal, we aim for a long-term collaboration with the Ocean Protocol.

We plan to not only provide different kinds of metaverse LAND valuations but also valuations of broader NFT categories and in-game assets, such as skins, wearables, clothes, weapons, tools, etc.

If any questions or concerns emerge please write a comment or get in touch with us by sending us an Email to: info@thedac.info

Let’s spread the word about Ocean Protocol and the dataverse!

4 Likes
#2

Impressive advancements these past months! keep up the good work

1 Like
#3

Spectacular Job guys, going further :rocket::blue_heart:

#4

Impressive team, great roadmap. Very promising project. Definitely following here.

#5

Thanks to the entire Ocean Community for the continuous support in fostering the convergence of the Dataverse and the Metaverse!

#6

Hi there,

For transparency, starting R12, all proposals will have to be funded within 2 weeks of winning a grant.

The funding deadline is December 27th 23:59 GMT.

You can read our wiki and how to submit a funding request to learn more.

#7

Interesting project. I’ll be happy to help with the price prediction using AI models if interested.