On this episode, Derrick welcomes Nick Emmons to discuss Upshot and the current state of the marketplace for NFTs. They go in depth on about the importance of utility in cryptocurrencies & Nick shares his background in blockchain development at John Hancock and Manulife and their research on decentralized insurance using public blockchains. Nick mentions the concept of decentralized subjective consensus and mechanism design called pure prediction, which incentivizes people to reach consensus on subjective questions. This led to the creation of Upshot, a mechanism for incentivizing honest answers to subjective questions. They discuss its application beyond insurance, particularly in the valuation of illiquid or esoteric assets like NFTs. The goal is to create efficient price discovery mechanisms for NFTs and enable the development of more diverse and expressive financial instruments on blockchain. The conversation touches on the challenges of determining the value of recycled commodities and the need for efficient markets for illiquid assets. They also discuss the unpredictable nature of the current economy and the role of economists in making predictions.

00:00 - Introduction

02:06 - About Nick & Upshot

06:07 - Implementation of blockchain technology

08:42 - Determining value

12:39 - Optimal customer

13:57 - NFT use cases

20:09 - Advancement within industries

28:18 - Use of machine learning models

34:06 - END Wrap Up

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