# What's Catfish Market? By [Ivan](https://paragraph.com/@ivanzeng) · 2024-08-31 --- Catfish Market is a trading platform that offers liquidity for NFTs through public voting and multi-level bidding. **How to achieve it?** Each NFT within the collection competes against one another, with public voting deciding the outcomes. The NFTs with more net wins and higher win rates get higher score, which determines their popularity ranking within the collection. Based on the popularity ranking, divide the NFTs within the collection into 5 tiers. Liquidity providers can place different bids for each tier and earn points based on the bid amount and duration, which can be exchanged for platform tokens. Then, non-floor prise NFTs will have buy orders available for immediate sale. Catfish Market aim to expand Blur's pioneering liquidity model to more high-quality NFTs by using public voting for ratings. **NFT Levels** The NLS (NFT Level System) is an NFT rating system that aims to provide liquidity for non-floor price NFTs through features such as NFT Battles, public voting, ranking and grading, cultivating connoisseurs, and mining rewards. `The principle of NFT Levels` Based on the popularity of NFTs, Catfish divides the NFTs in each collection into 5 levels. The grading principles are as follows: 1. Each NFT in the collection battles every other NFT one-on-one, and its score is increased or decreased based on the win or loss of each match. 2. NFTs are ranked within the collection based on their score, and they are assigned a P.R. value (Popularity Ranking). 3. NFTs listed for sale are graded according to their P.R. value ranges: * **Level 5:** Top 20% of NFTs by P.R. value * **Level 4:** NFTs in the 20%-40% P.R. value range * **Level 3:** NFTs in the 40%-60% P.R. value range * **Level 2:** NFTs in the 60%-80% P.R. value range * **Level 1:** Bottom 20% of NFTs by P.R. value **Popularity Rank** P.R. value (Popularity Rank) = The rank of an NFT among all participating NFTs in its collection Participating NFTs within a collection are ranked based on each NFT's total score from all its completed Battles. `Score Calculation Method` Net victories weight: 50%, Opponent strength weight: 50%. An NFT's score is 50% based on its past Battle wins and 50% on the ranking level of the strong opponents it has defeated. `NFT Score` The score of a certain NFT = Net wins ÷ (Total number of participating NFTs - 1) × 0.5 + The total ranking value of the top 3 defeated opponents by P.R. value ÷ 3 × 0.5 * \*Net wins \* Net wins = Number of Wins - Number of Losses If Net wins < 0, the value is set to 0. * _Ranking value of the defeated opponents_ The ranking value of a certain defeated opponents = (Total number of participating NFTs - the NFT's rank + 1) ÷ Total number of participating NFTs The total ranking value of the top 3 defeated opponents = The ranking value of the defeated opponent with the highest PR value + the ranking value of the defeated opponent with the second-highest PR value + the ranking value of the defeated opponent with the third-highest P.R. value * _Only 1 or 2 defeated opponents_ If the NFT has only defeated 1 or 2 opponents, use the values of all defeated opponents for the calculation, and replace "3" in the formula with 1 or 2. **Battle** Within the same collection, all NFTs submitted by users will compete against each other one-on-one. (There will be no repeated matches between the same two NFTs.) `Rules of Winning and Losing` Each match lasts 23 hours (Reserve one hour for settling the results), and voting is conducted by users holding Catfish NFTs. The scores for both sides are calculated based on votes from holders and non-holders, and the side with the higher final score wins. `Scoring Principle for Both Sides` Votes from holders of the collection's NFTs account for 80% of the influence, while votes from non-holders account for 20%. Formula: Score of one side (A) in a Battle = \[Total votes for A from holders / (Total votes for A from holders + Total votes for B from holders)\] × 0.8 + \[Total votes for A from non-holders / (Total votes for A from non-holders + Total votes for B from non-holders)\] × 0.2 * _Holders & Non-holders_ Holders: Voting accounts holding the collection NFTs of the current Battle. Non-holders: Voting accounts without holding the collection NFTs of the current Battle. * _Vote calculation for each user_ Each user's votes = 1 × the user's voting weight coefficien * _Special case_ If there are fewer than 21 voting accounts within 23 hours, the Battle will be extended until 21 votes are reached. If the scores are tied after 23 hours, the Battle will continue until the next vote is cast to determine the winner. `Participation Method` * _Active enrollment_ Proactively submit NFTs to join the collection Battle. * _Passive enrollment_ NFTs listed on the collection shelf of the Catfish platform will automatically join the Battle of that collection. `Rules for selecting Battle opponents` One round of matches per day, starting and ending at the same time (except in special cases). All NFTs within the collection are divided into 5 ranges based on their rankings: _Rules for matching opponents_ * The winner of the previous Battle selects opponents starting from the range above (+1 range) where their defeated opponents are located. * The loser of the previous Battle selects opponents starting from the range below (-1 range) where their winner's opponents are located. * If the previous match was won against an opponent in level 5 (the highest level), then the current round will continue with opponents from level 5. * If the previous match was lost to an opponent in level 1 (the lowest level), then the current round will continue with opponents from level 1. * NFTs that have already been battled cannot be selected as opponents again. _Queuing rules for selecting opponents_ * Newly joined NFTs in the collection Battle will have priority in selecting opponents, and their first Battle will directly challenge opponents from level 5. * Other participating NFTs select opponents in reverse order of their rankings. **Vote** --- *Originally published on [Ivan](https://paragraph.com/@ivanzeng/what-s-catfish-market)*