As the crypto industry gets bigger and more popular, talented developers are not only creating platforms that are simply a more decentralised version of what came before, but are exploring entirely new ideas with never-before-seen mechanics, either in the blockchain space or outside it.
One perfect example of a unique approach is Reality Cards, an NFT platform with prediction market elements, allowing users to ‘own the future’.
"Reality Cards is an amazing way to fuse NFT and prediction markets. One of the most promising projects in the NFT space." - Art Malkov, Head of Growth at IOTEX.
NFT Marketplace or Prediction Market?
Reality Cards is a new platform with a unique proposition- it is both a prediction market and an NFT marketplace. The core concept behind Reality Cards is that real-life events are represented by NFTs.
These NFTs could come in relation to anything, from sports to politics, music to crypto, and beyond. Any event of note can be tokenized, and eternally locked in the form of a NFT, effectively turning real world events into collectable assets.
What this means is that users do not simply ‘bet’ on outcomes, but own them. To bet on an outcome means to own the NFT representing the outcome. The platform is thus the first example of an ‘outcome ownership’ market- the team have invented a whole new category that did not previously exist even in concept
As an NFT marketplace, the project also aims to attract artists from all over the world, who would create NFT art for the platform. Reality Cards plans to become the go-to platform for artists to ‘drop’ any art relating to real world events, for which they would receive a portion of user bets.
What Makes Reality Cards Different from Other NFT Platforms?
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 incentivisation 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, 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.
Despite the fact that the project is still very young, and is basically just starting out — it has already attracted a strong, ever-growing community, with thousands of followers on Twitter and Discord. This tells us that the community members who discover it and check it out mostly tend to remain, and as the project grows bigger, it might develop one of the biggest and strongest communities that the crypto industry has seen in years, maybe even in its entire history.