MetaGameHub DAO works with Ocean Protocol to enable price transparency in the NFT market
Written by Javan Sardarabady
MetaGameHub DAO partnered with Ocean Protocol to allow a fair and transparent price evaluation in the NFT market. By offering valuable Metaverse LAND datasets on the Ocean Protocol Marketplace, MGH DAO is aiming for data decentralization and data transparency.
Today, society as well as businesses are extremely dependent on data. This does not pose a problem unless a few big corporations are having the control and sole access to the data. Companies like Meta are using data, containing private information, to analyze the user´s behavior and predicting it. The ongoing issue lies in the amount of power and control some companies have over the data as well as for what they use the data for. A transparent and open Data Economy is clearly missing and therefore the individual is having no control over their own data.
With this partnership, MetaGameHub DAO is addressing this issue alongside with Ocean. The goal here is to unlock data, to allow individuals and businesses to openly access and monetize data and to provide a fair and transparent price evaluation in the NFT market.
How it works
One crucial tool of the MGH DAO revolves around the LAND Valuation Algorithm. By using this tool, it is possible to find fair and accurate prices for metaverse assets, mainly LANDs.
Firstly, historic data about LAND sales from several metaverses are taken from Etherscan and OpenSea. The daily median of historic sales on any given day is then being calculated based on the gathered data. Secondly, the collected data is then fed to a machine learning algorithm that is trained using historic price movements for the respective asset. This algorithm is continuously retrained in order to maintain accurate price predictions. Currently, the valuation model is evaluating LANDs in the Sandbox, Decentraland, Axie Infinity and Somnium Space.
The LAND valuation data gathered by the algorithm is then bundled into daily updated datasets and is offered on the Ocean Protocol Marketplace. Here the datasets include two types of data:
- Aggregated data retrieved from Axie Infinity, The Sandbox, Decentraland Marketplaces and NFT Marketplaces, Etherscan and OpenSea.
- Processed data from a machine learning algorithm
Also, the datasets are split into two sheets:
- LAND Valuation: contains individual LAND data e.g. forecasted price, last sale price, price manipulation index etc.
- Global Stats: contains data of the whole LAND collection e.g. market cap, floor price, key volume stats etc.
To get access to these datasets, you just have to go to the Ocean Marketplace and search for the Metaverse LAND Dataset. After connecting your wallet, you can purchase the Data Token from the Data Pool by spending $OCEAN. By burning the Data Token, you get access to the respective dataset.
By implementing this advanced pricing algorithm and enabling fair LAND evaluation, MetaGameHub DAO is providing necessary infrastructure to the NFT market. In addition, an important step towards data decentralization is made by enabling people to access data with the possibility to monetize it.
MGH DAO´s vision
MetaGameHub DAO is highly valuing the community and its experience in the Open Metaverse. To provide the users with a seamless and intuitive experience, MGH DAO is building user-orientated tools and the necessary infrastructure for the metaverse and the NFT market. For instance, the datasets offered on the Ocean Protocol Marketplace allow the user to find undervalued LANDs and enable access to the data in a transparent and decentralized way.
Alongside with Ocean, MGH DAO is striving for a Data Economy where data is distributed decentralized along the participants rather than central parties having all the power over the user´s data. We believe that data, if it is not private, should be accessed by everyone in an open and transparent way. Besides that, it is crucial to enable people to unlock data value and to allow the exchange and monetization of data.