Reality Cards is a one-of-a-kind platform that offers the world’s first NFT and predictions market, rolled into one. With its launch, now everyone gets a chance to get their hands on NFTs through its unique time-based prediction system.
Why Meld NFTs and Prediction Markets?
The innovative concept of connecting NFTs and prediction markets isn’t without a reason. These two areas are one of the fastest-growing areas online today.
Prediction gaming is not a small industry. This year alone, the global revenues from online platforms have crossed $70 billion. NFTs have opened up a whole new industry where people can own practically anything, from digital art to tweets (and even as strange as a part of an arm).
Reality Cards has connected the two and gives users the opportunity to play in a prediction market, making bets on the outcome of events such as a game or even presidential elections. The winner doesn’t only walk away with the winnings but is given a Card (essentially an NFT) that represents the unique historic event. Something that can be cherished, celebrated and shared with friends and family.
Danny Christ from Moonwhale Ventures said:
"This is the first NFT project I've come across where users can actually win money and collect NFTs at the same time."
The whole event is gamified by adopting an economic model that helps people decide on the true and acceptable value of the Card. Using a unique ‘time based ownership’ model, the NFT will at any time be owned by whoever is willing to pay the highest rental price.
Every Single NFT Connects to a Real World Event
For many, the whole concept of renting out the Card and being vulnerable to other players may seem strange, but this creates a sportsmanship competition and gamifies prediction markets in a manner never before seen.
The gameplay is simple:
- Artists create Cards that represent all the outcomes of an event and are uploaded on the Reality Cards Platform.
- Bidding starts with zero value and users can rent any of the Cards that represent outcomes they believe will occur.
- The contract records the total time the Card is held by a player.
- Any other player who believes in the same outcome can claim the Card (and take it off the current owner) by placing a higher rent value (at least 10% higher).
- The game then continues, with other users (and previous ones, of course), battling over renting out the Card.
When the real-life event happens and the outcome is finalized, the winner is decided, but not the one who held the Card last, but the one who held it the longest. During the whole game time, Reality Card keeps note of all participants, their predictions and the total time they held the Card. The rental payments, which are collected in the pot while the event is ongoing, is distributed to all the people who predicted the event correctly, the distribution being based on the percentage of the time they were able to rent out the Card.
Currently, only USDC on the Polygon network is accepted for the pots.
About Reality Cards
At its core, Reality Cards is still an NFT marketplace. Thus, it also promotes artists who can create digital art as NFTs, giving them a share of the pot.
The platform is the brainchild of Andrew Stanger, who presented the concept of Reality Cards as the final project in his Consensys’ blockchain training program. His vision of using the Harberger Tax Model not only gives way to an ever-rising value of the Cards during the gameplay but gives people the opportunities to win more by taking part early when the rent is low (the Cards start their life at zero value).c