Reality Cards is an NFT platform linking the events from the real world and collectible NFTs. The creators of the platform wondered how it was possible to connect the real world with NFTs so that users would really POSSESS a part of it in fact. And here is when the idea of the prediction market and its features came in handy. Due to the intelligent combination of the NFT marketplace and the prediction market, users got the opportunity to receive money and gain collectible NFTs simultaneously. When a user owns an NTF for every possible result of an event from a real-life, one, in fact, possesses a part of existing reality, and moreover, possesses it even before it occurs in real life. That means, working on the Reality Cards platform, users have the ability to partially own the future!
What is so special about the Reality Cards platform?
The platform founders created the world’s first market that implies ownership for the result of the event. There is no need to place bets for an event, instead, users rent NFTs for any outcome. For example, watching football, the user doesn`t bet on one`s favorite team – but rents the team`s NFT. One NFT is pegged to one outcome and can belong to only one person at a time. Harberger Taxes is a platform that became the core for Reality Cards mechanics. It implies that each NFT is always on sale and belongs to one user ready to pay more to possess it.
What differentiates Reality Cards from other NFT platforms?
- Users may collect NFTs and receive money simultaneously
- All NFTs are backed by events from the real world, allowing users to own a part of history even before the results are known!
What differentiates Reality Cards from other prediction markets?
- If the user rents NFTs at the very beginning when the pot size is zero, one accrues seconds of ownership at the lowest price. That contributes to adding liquidity, as the users strive to rent the outcome as early as possible to gain more ownership duration, thus, receiving more gain in the end.
- As was mentioned above, only one person can possess each NFT card at a time. That creates scarcity and contributes to increasing competition on the platform, which, in turn, develops gamification.
- The number of placed bets does not make any difference. What matters is how long the user owns the NFT for a specific outcome of the event. The reward is split among all those who owned the winning card and depends on how long each of them held NFTs. Thus, the longer the user owns (rents) the winning NFT card, the bigger reward one receives.
Proposition for artists
Being an NFT platform, Reality Cards would not do without artists, who, in fact, create events from their artworks. Artists surely receive a percentage from the total bets on the platform for the artworks they drop. They are aimed at making really interesting and popular events to bring them a higher profit. The platform pays the artists in advance to stimulate art creation. Being on our Beta stage of development, Reality Cards made partnerships with many talented artists, and now the search for new artists is ongoing.
Where do Reality Cards take its roots?
The creator of Reality Cards used to work for Deloitte in London. The project`s co-founder, Andrew Stanger, was captured by the idea of decentralized prediction markets, as they did not provide for KYC verification and were available for anyone worldwide. But he found the result over-engineered and without well-thought interaction with users. He kept investigating and searching for alternative options and finally stopped on the concept of Harberger Taxes (we mentioned above), NFTs, and prediction markets. He came up with the idea of building a new kind of prediction market focused on ownership for the result of events and NFTs that would always be on sale. Having this idea on his mind yet no experience in developing, still, full of courage, Andrew left the project he was working for that time and started his career by attending the Consensys Solidity Bootcamp in November 2019. That`s is when the Reality Cards take roots. Initially, this project was a fork of another one: https://thisartworkisalwaysonsale.com/. Vlad Micliuc proposed Andrew become a co-founder. Thus they started fundraising. They raised $750k in December 2020 and a further $750k in April 2021 by attracting many large investors. Now the team consists of more than 11 people, product manager, marketing team, etc.
The current status of Reality Cards
The test network was launched in January 2021. Then beta on the xDai chain was released in March, and in July moved to the Polygon chain. At the stage of pre-launch, the project had over 200 users testing the bet version. To date, Reality Card’s deposit reaches $150k. The company was audited and spent more than $200k on those checkings. Two audits were carried out by https://code423n4.com/.
The platform is going to open beta on September 15. This time the access will be available to everyone without restrictions.
The prospects for Reality Cards
The company founders aim to create the biggest prediction market running on the top of Ethereum and expand the NFT marketplace, inviting more artists to drop their artworks and receive profit. The platform provides the world’s first outcome ownership for the events in the real world, so it will be the key feature to broadening the scope and gaining publicity. Still, for now, the essential goal for the project is not to expand but rather to remain the leader in the category of outcome ownership.
So far, the platform does not seem to have any competitors due to the exclusive services it provides. As Reality Cards was the first to come up with the idea of possessing the part of the future outcome of events, it would not be correct to compare it with some other market making platforms or NFT markets.