As defined by Investopedia, prediction markets are markets where individuals bet on unknown future events. These bets correlate to users’ expectations of future events. While prediction markets have been around for decades, their momentum is only now picking up. The lion’s share of interest comes from the overlap between prediction markets and the futures market industry. What is Reality Cards?
“NFT’s just got real.” – Griff Green, Founder, Giveth
Although a relatively new platform, Reality Cards is entirely different from any other prediction platform. It offers a hybrid between NFTs and prediction markets – combining the two in a way never before seen.
In the last couple of months, NFTs have experienced a remarkable surge in interest. Numerous sporting bodies like the UFC selling off clips from fights and music crooners like Snoop Dogg jumping on the moving wagon contribute to the success. These actions have significantly contributed to the growth of the developing crypto trend.
The developers of Reality Cards have combined prediction markets and NFTs. These two verticals were previously unrelated, yet their combination offers users a plethora of new features. On this platform, users do not just bet on outcomes; they own them. For every event, users need to rent the NFT corresponding to each result. For example, the event is “who do you think will win the 2021 Ballon d’Or”? So if a user thinks Lionel Messi will, they need to rent the “Lionel Messi” NFT.
Reality Cards only allows one user to own an NFT at a time to create digital scarcity. While every other prediction platform focuses on the size of a user’s bet, Reality Cards is more focused on how long each Card or NFT has been held. As stated by the team, it is irrelevant how much you bet. The longer you hold the Card for, the more you will win.
NFT Marketplace and Prediction Market
As a hybrid of these two (until now) distinct industries, Reality Cards is not your typical NFT platform, and there are many reasons why. First, unlike the other platforms, it allows users to collect NFTs and win money simultaneously. No project has attempted this in the past.
Secondly, this platform offers users the opportunity to own real-life tokenized events. Finally, the platform has deployed alluring strategies to attract digital artists from all over the world that will help create artworks. These creations will relate to cryptocurrencies, music events, sports, and politics.
Since most of the NFTs on this platform reference real-world events or outcomes, each collector will hold a piece of history. Currently, Reality Cards is on the Polygon network (an Ethereum side chain) enabling more efficient transaction speeds and lower gas prices – which are beneficial to creators and users alike.
With a unique UX approach, Reality Cards’ team devised this emerging platform for users to show off ownership to their peers. At all times, the current owner of each outcome’s address (or ENS name, if they have one) is on public display.
With NFT-related projects worth over $29 billion, Reality Cards seeks to pioneer a radical change. Not just in how users collect these tokens but also by introducing the chance to win money. It is a logical evolution in the world of non-fungible tokens and the quest to gain mainstream traction.
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