Prediction markets have been a key component of the crypto space for almost as long as the space itself has existed. Over the years there have been many iterations, including Augur, Gnosis Omen, and Polymarket.
The last 12 months have seen a new major trend emerge – NFTs. NFTs hit the big time earlier this year, even attracting the attention of eBay and Visa.
However, until now, the two verticals- prediction markets and NFTs- existed independently of one another. There was a major scarcity of platforms that feature elements of both- a prediction market, and an NFT marketplace.
This has now changed with the launch of Reality Cards — a unique, Polygon-based hybrid platform that combines prediction markets with NFTs. The platform, currently in beta, allows users to do more than just bet on outcomes — it allows them to own them.
“Reality Cards is introducing clever mechanics, never seen before. I didn’t have this much fun using any other DApp”
– IMAN HOSSINI, DEVELOPMENT LEAD, BLANK WALLET.
Reality Cards Opens up a New Utility for NFTs
As the name suggests, Reality Cards has a unique proposal — it allows people to own NFTs that represent more than just a random art piece. It allows them to own NFTs representing real-life events.
For the first time in history, you can say that you own something that happened, be that related to sports, politics, crypto, music events, or something else.
The project is very different from your typical NFT platform, the likes of which have emerged all over the crypto industry over 2021. Reality Cards’ platform stands out for several reasons, including the fact that it allows users to not only collect top-quality NFTs but also win a share of the pot in USDC stablecoin at the same time.
This makes it unique among competition, and it is the reason why its community has already reached thousands of followers on social media like Twitter and Discord, despite the project’s young age. Simply put, people who come to it tend to stay with it.
Of course, this will also open up new opportunities for artists from all across the world to create their own NFT art and offer it to potential buyers.
However, there is more to Reality Cards than just a prediction market with NFT elements- it features a completely new form of making bets- it is the first example of an ‘outcome ownership’ market.
Essentially, as mentioned before, you don’t just bet on outcomes, but own them, making Reality Cards the first (and so far, only) example of this brand new category.
Probably the next big NFT platform!
Unlike other NFT platforms, Reality Cards does not only allow users to collect NFTs but also win money at the same time- if you own the correct outcomes, you will actually get paid to collect NFTs.
Further, as all NFTs reference a real-world event, Reality Cards allows users to ‘own’ a moment in time — a slice of history that now belongs only to them.
Reality Cards is not just an NFT marketplace like no other- it is also very different from all other prediction markets. The team has thrown a core mechanic of every other prediction market- “the more you bet, the more you win”- out of the window.
With Reality Cards, it doesn’t matter how much you bet, all that matters is how long you owned the outcome for. In other words, it introduces the world’s first ‘time-based winnings mechanic.
Further, Reality Cards has a unique liquidity incentivization mechanism. It is the only prediction market that features any kind of incentive to place bets (and thus, add liquidity) before there is even any money to be won. This is because, as mentioned above, winnings are proportional to time owned, not how much you bet.
And right at the start of the event, when there are no bets and no liquidity, is when seconds can be ‘purchased’ at the lowest price.
This is a fresh approach to incentivizing liquidity properly, something that other prediction markets have traditionally had a problem with, relying on large fees and other unfriendly mechanics to overcome.
Reality Cards’ prediction market is also the first and only to feature true scarcity, as only one individual can own one outcome at one time.
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