Predicting markets? That’s what our friends at Polkamarkets are doing… And we’ve decided to join the party!
We’re all for using blockchain to create an environment where it’s safe and friendly for people using it. But let’s start with the essential: what has Polkamarkets been doing?
Prediction markets might not ring a bell right now, but they’re basically investments on contracts whose payoffs depend on a future event. Let’s give you an example: you are quite convinced that a certain football club is going to be winning next year’s World Cup. Then you are going to be investing in contracts that pay off if they do win. But does that mean that it’s like blockchain betting? Short answer: no.
Though you will be able to predict the future of live sports, which, in itself, isn’t entirely different from betting, what makes prediction markets different is that, when you enter these markets, your opinions will in fact become assets with financial value, that you will be able to trade on an open market.
The most popular is the one with the highest demand, and that will determine prices. The cheaper an outcome is, the fewer people think it will happen. And vice-versa. Prediction markets are actually remarkably accurate at predicting future events. You can relate them with politics and elections per example. Prediction markets were actually born as a forecasting system.
Polkamarkets is an Autonomous Prediction Market Protocol built for cross-chain information exchange and trading where users take positions on outcomes of real world events–in a decentralized and interoperable platform based on Polkadot. By making their structure interoperable, they will allow their users to be much more creative with their actions. You will not only be able to buy into your favorite team winning (not very different from betting), but you will be able to short that opinion and trade it for the next presidential election results in Gambia (very different from betting).
When you’re investing in future events, if your opinion becomes more popular with time, your stake will become more valuable. You will then be able to sell it for a profit like you would with stock. So, users can monetise their forecasts of future outcomes and events within an interoperable and decentralized infrastructure, where your beliefs become assets with financial value traded openly on the market. They allow you to buy & sell fractions of event outcomes, or even create your own events where others can take their own positions.
More than just a prediction market, Polkamarkets will have important entertainment features. These include NFT-based gamification, live streaming integration for in-play positions on Esports & Sports, and daily crypto price markets. Live chats and virtual events in online communities will also form a key entertainment value-add to our platform.
And where does dotmoovs come in?
Oh… Have we mentioned that they will be allowing you to make predictions on our largest tournaments and leagues as well? Yes, we’re joining hands with Polkamarkets to also bring this possibility to their users.
And we also want their community to join our challenging environment, making sure that they also improve their performances and take part in our mission to become the largest sports competition platform in the world!
“This partnership with dotmoovs enables Polkamarkets to gain even more markets for our users. Since dotmoovs is a global and mobile based environment, it will enable us to enter new market segments. Prediction markets on peer to peer challenges and sports events will augment the entertainment value of such events, and we look forward to seeing where this trend will go.” — Ricardo Marques, Polkamarkets CEO.
“Polkamarkets will open a whole new community for us, and we’re ready to embrace them. Allowing others to predict on the outcome of our leagues and tournaments is surely an important step to also bring those who are less skilled in sports, but have a sharp eye when it comes to foresee the outcomes. We are proud to be establishing this important partnership with them” — Pedro Rente Lourenço, CEO
Polkamarkets is an Autonomous Prediction Market Protocol built for cross-chain information exchange and trading where users take positions on outcomes of real-world events–in a decentralized and interoperable platform based on Polkadot.
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dotmoovs is the first crypto mobile worldwide competitive environment. There, users can compete with others around the world just by bringing their skills, ambition, and smartphone. We will do the rest with our AI-based video referee to assess their performance. We believe that the work people put into their regular sports practice should be rewarded. So, practice, challenge others around the world and get $MOOVs and NFTs when you win!