The world of gaming is exploding to unforeseen proportions with the number of gamers across the world hitting an unprecedented 2.7 billion gamers in 2021. This number is expected to grow even further in the coming years, with experts estimating the gaming industry will be a $300 billion market by 2025, representing a CAGR rate of 12% between 2022-2025. This growth is set to be influenced by the growth of virtual reality gaming, augmented reality gaming, and majorly the fast-growing blockchain gaming industry – or play-2-earn games.
While blockchain gaming took off in 2021, the industry has been going for a while with prediction markets, betting markets, and other play-2-win games offering users almost a similar experience. Projects such as Augur and Polymarket are not new. The overall appeal for these play-2-win or prediction markets is the transaction finality, whereby gamers receive their incentives immediately after they win or complete their game. Payouts are made immediately.
Moreover, the speed of settlement and lack of a central party controlling these games increases transparency and boosts users’ trust driving interest in blockchain games in comparison to traditional games. In short, prediction games based on the blockchain ensure that all participating parties are satisfied by the time they finish a game.
One of the leading blockchain-based gaming platforms is PlotX, which is built as an x-to-earn platform where “x” can eventually be anything from play-to-earn, predict-to-earn, etc. At the moment PlotX offers players a prediction game that is primarily an exchange where users trade on the probability of certain events happening. The platform provides ready and custom prediction markets that players chose from, predict the outcomes, and win the rewards.
Understanding the PlotX prediction markets
On PlotX, players can enter a number of prediction markets or create their own prediction markets. These markets can vary across multiple applications, whether it is speculating about the weather, hedging against a stock price, predicting the future price of a cryptocurrency, or even betting on the Presidential election. Any possible situation that can be betted upon can be created on the platform and give the players a chance to win rewards.
For instance, on this Ethereum-Tether prediction market, players can bet whether the price of ETH/USDT will go up, down, or remain flat by February 17 (in a weeks’ time). As of writing, the price of 1 ETH goes for $3,165, the prediction market states that if the price of one ETH is above $2,840 by next week, winners will have a potential ROI of 1.67X; if it goes below $2,365 winners will have a potential ROI of 4.21X, and remaining flat (or between $2365 to $2840) then winners will be paid an ROI of 4.15X.
The platform charges an option price for each bet staked which is then shared to the winners. In the past few weeks, with the ravage volatility in the crypto markets, prediction volumes on PlotX have increased substantially as more users join the platform. Nonetheless, the platform’s end goal is not creating a prediction-2-earn platform but rather an “x-2-earn” platform, as mentioned above.
A clear future for the PlotX platform
Unlike a prediction game or play-2-earn games, PlotX is planning to build a full suite of tools to allow users to participate on the blockchain and earn. Its “x-to-earn” model involves an integrated layer that allows any third party to come in and create an “x-2-earn” ecosystem. Currently, the platform offers Pay-2-earn, play-2-earn, invest-2-earn, stake-to-earn, and build-to-earn ecosystems.
At the moment, prediction markets are the most popular on the platform, but in the near future (as the user base grows), they plan to partner with other development teams and launch internal applications to offer users as many opportunities to earn as possible.
Lastly, the creation of an all-suite toolbox for earning on the blockchain is set to improve the ecosystem even further, welcoming users in the crypto space and non-native crypto users as well.
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