Non-Fungible Tokens (NFTs) and predictions markets are two emerging trends. One offers artists a chance to sell digital artwork; the other lets anyone predict future events. When both industries come together, exciting opportunities become apparent.
In the last couple of years, NFTs, worth over $28 billion as reported by CoinGecko, have disrupted the art creation and auction markets. The technology offers creative artists an opportunity to devise and sell art pieces in a seamless manner seamlessly. Sales by Mike Beeple, the NBA, and many other industries, have set a precedent for others. In addition, digital artists can conveniently auction their artwork safely and transparently through the various marketplaces.
While numerous platforms have been launched to enable digital artists to auction and sell off art pieces, one seeks to revolutionize the industry. It will offer users both a non-fungible token marketplace and a prediction market rolled into one.
What is Reality Cards?
The developers don’t consider Reality Cards a traditional NFT marketplace. Instead, they seek to offer users an unparalleled opportunity to not only bet on but own outcomes. Unlike the other existing platforms, Reality Cards allows its users to collect NFTs and win money, setting it apart from other platforms.
The hybrid approach of merging a prediction market and an NFT platform introduces new opportunities. Users can own real-life tokens while employing tested-and-proven tactics to ensure that more creative and innovative artists jump on the platform. These artists are welcome to create all kinds of non-fungible token art about sports, politics, music events, and the trillion-dollar crypto market. In addition, any aspiring artist is welcome to join this initiative and display their creations.
“Reality Cards are finally bringing prediction markets into the NFT space” – Rachel Black, Cofounder, GoodGhosting.
Furthermore, all NFTs created on this platform are references to real-world events. It is an unprecedented opportunity for each user to own a slice or piece of history.
Claiming Ownership Of Outcomes
You don’t just bet on outcomes; you claim ownership of them. As the only outcome ownership platform of its kind in the crypto and predictions space, this nascent project is pioneering a paradigm shift in how users bet on events.
To bet on an outcome on the Reality Cards platform, you are required to rent the corresponding NFT. For example, if the supposed event is “which actor will win the Best Actor Award at the 2022 Oscars” and you pick Will Smith, you need to rent the “Will Smith NFT”. To introduce scarcity into this market, only one person can hold an NFT outcome at a time.
This prediction and NFT marketplace hybrid platform opt for staking duration over staking amount. What matters is how long a user has owned the NFT or Card. The longer this period becomes, the more the user will benefit.
Reality Cards will incentivize liquidity providers on the platform, taking an untraversed route. Liquidity provision is an essential yet neglected aspect of the predictions market industry today.
Unlike other prediction markets, Reality Cards have also been built with ‘showing off’ in mind, as the current owner of each outcome’s address or ENS name will be prominently displayed, allowing people to ‘put their money where their mouth is’. As part of the team’s commitment to offering users a scalable and efficient platform, Reality Cards is currently on the Polygon [formerly MATIC] network, an Ethereum side chain, resulting in near zero fees.
Currently the platform does not charge a fee. However, a percentage of every rent action is sent to NFT artists. That approach will encourage them to keep creating high-quality art and help expand Reality Cards’ reach.