With a market capitalization at the time of writing of over $29.4 billion, non-fungible tokens, or NFTs as they are fondly called, have become one of the fastest-growing trends in the crypto space. As the name implies, NFTs are tokens, or digital representations of real-world assets.
Non-fungible tokens are currently experiencing a massive surge in popularity, thanks in part to its unprecedented and seamless method of trading digital artwork. Whilst there have been countless NFT sales in the last couple of years, the famous “EVERYDAYS; THE FIRST 5000 DAYS” artwork by Mike Beeple Winkelmann laid a fine precedent, encouraging digital artists to create and sell digital art.
To cater to this growing market, a ton of marketplaces have been launched, Reality Cards one of such.
NFT Marketplace or Prediction Market?
“Reality Cards is one of the most innovative projects in DeFi today- introducing mechanics never seen before. They were early to NFTs when very few understood their potential and continue to find ways of making every interaction as fun as can be.” – Mariano Conti, Former Head of Smart Contracts, MakerDAO.
Reality Cards is a hybrid of an NFT marketplace and a prediction market. Unlike what is prevalent in the trillion-dollar crypto space, this project seeks to pioneer a new path where each outcome is an NFT, and instead of simply betting on the outcome of events, you own it.
Per a recent press release, Reality Cards is offering users an unparalleled opportunity to own real-world NFTs at the same time employing various tactics to attract artists from all over the world to create and auction non-fungible tokens that are related to politics, sports, music, crypto, et al.
As the world’s first outcome ownership project, Reality Cards will enable users to not only bet on outcomes but to own them.
Betting on an outcome on Reality Cards means that you have to rent the corresponding NFT. An example; if the event is “which country will win the 2022 World Cup?” and a user thinks Argentina will win, he/she simply needs to rent the “Argentina” NFT. Only one user can rent an NFT at a time.
Additionally, Reality Cards is on the Polygon [previously MATIC] network resulting in near-zero gas fees.
Reality Cards is very different from your typical NFT marketplace. For example, unlike other such platforms, it allows users to not only collect non-fungible tokens but also win money at the same time. Additionally, all NFTs on the platform reference real-life events, ensuring that users own a slice of history.
As both an NFT marketplace and prediction market, Reality Cards is striving to completely revolutionize both nascent markets. The project is championing a paradigm shift in the modus operandi of the industry. First, the amount you bet is irrelevant on Reality Cards, all that matters is the duration you’ve owned the outcome.
Secondly, Reality Cards has a unique liquidity incentivization mechanism which encourages users to immediately add liquidity right from the start of each event, before there is any more to be won. The reasons for this isn’t far-fetched — Cards are the least expensive at the start, allowing users to accrue ownership time at the cheapest rate.
With these incentives, Reality Cards aims to solve one major sticking point that all other prediction markets have failed to resolve — adequately inciting liquidity providers.
According to a recent press release, Reality Cards will be the first prediction platform to introduce true scarcity, that is; only one user at a time can own each outcome. While most crypto-related projects lean towards hiding user addresses, Reality Cards tilts in the opposite direction. It was designed for users to “show off” to their peers. On this ecosystem, the address (or ENS name) or all renters is prominently displayed.
A user-centric platform as described by the executive team, Reality Cards has a nonpareil UX design — bids, offers, and shares options have been dispelled from the platform.