Polkamarkets and Exeedme are betting on each other
How good are you at predicting the future? We hope you’re excellent because Exeedme has just entered a partnership with Polkamarkets.
The good people at Polkamarkets are doing for prediction markets what we are doing for videogames. They are using the power of the blockchain to make them better, safer, smarter and friendlier to the people who are actually using them.
So what are prediction markets?
Think of them as futures markets, but for opinions. In essence, they are markets where people are investing on contracts whose payoffs are dependent on an event happening. Let’s say you are quite convinced that a certain politician is going to be winning an election. Then you are going to be investing in contracts that pay off if they do win.
The wisdom of the crowd (i.e. which opinion is the most popular and has the most demand) 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.
And there’s a reason we brought up politics. Prediction markets were born not exactly as the sort of exchange we see today (comparable to a futures market, as we said), but as a forecasting system.
So… is it just blockchain-powered betting?
Though you will be able to predict the future of sports and eSports live, which, in and of itself, isn’t entirely different from betting. But what makes prediction markets different from betting is the “markets” part. 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.
Polkamarkets is based on Polkadot. Polkadot enables cross-blockchain transfers of any type of data or asset, not just tokens. Most of the blockchain tech we have now isn’t interoperable. In fact, NFTs (about which we have written right here. You should give it a look if you haven’t yet) are famously non-interoperable (for now *evil laugh*).
Polkamarkets, however, like making things different about as much as we do. 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 by-election results in Santa Claus, Indiana (very different from betting).
You will also be able to invest in specific events way in the future. 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.
And they’re making it DeFi
Our friends at Polkamarkets have looked into the way these markets are operating now, and they have decided there really was no need for middlemen in this business.
We think they’re right.
So welcome to a decentralized and open prediction market, where people are going to be able to make forecasts, monetize information advantages, hedge against the future, and earn fees by providing liquidity and trading.
By entering the Polkamarket, you will be able to put your inner Nostradamus to the test, and help the crowd guess the future in areas as different as eSports and politics. If you have good information, you will be able to use it to great effect, both making yourself some money and helping the world look ahead.
Did you say eSports?
Oh yes. And here’s where Exeedme comes in. We are joining Polkamarkets as strategic advisors for the eSports prediction market. We will use our specialist knowledge about the vertical we specialize in to help Polkamarkets present their users with the best and most reliable experience possible.
Polkamarkets, on the other hand, will be creating a gaming community at Exeedme, where the predictors and bettors that use their system will be able to actually engage in the future they are trying to read.
Exeedme is a trusted and fair Play2Earn ecosystem that allows gamers at all skill levels, developers and gaming communities to monetize their skills and efforts with the power of innovations like DeFi and NFT’s. With Exeedme, gamers can play their favorite games, challenge an opponent, bet on their own victory and earn rewards for participating and progressing, ultimately enabling ALL players to make money off their skills.
Polkamarkets is a DeFi-Powered Prediction Market built for cross-chain information exchange and trading where users can take positions on outcomes of real world events–in a decentralized and interoperable platform based on Polkadot.