Introducing realitycards.io- a prediction market based on NFTs
“Don’t bet on it, own it”
Testnet available now: testnet.realitycards.io
If you think Manchester United will win the English Premier League, instead of simply putting money on them, rent the Manchester United token.
Realitycards.io is a new type of prediction market. There is one NFT per team/outcome. To rent a token, users set a daily rental price and deposit DAI to fund the rent. Token ownership changes via modified Harberger tax rules.
At the end of the season/event, all holders of the winning NFT will receive a split of the total rental payments in proportion to how long they have held the token. Unlike more traditional gambling, your winnings are not determined by how much money you invest. All that matters is how long you own the token for.
All rental payments are used to purchase ‘complete sets’, or a share of every outcome on a decentralised Oracle. Upon market resolution, these are sold and the proceeds distributed to the winners.
Tokens are fully ERC721 compliant (and can be viewed in any ERC721 wallet) with the exception that only the contract can modify the owner.
How does it work?
To rent a token, simply choose a daily rental price and deposit some DAI to fund the rent. If the token is already owned, no problem- just set a higher rental price and you will immediately become the new owner. Unlike traditional Harberger Tax rules, the new owner does not need to pay anything to the previous owner.
Users are free to withdraw their unused deposits at any time.
If your deposit runs out (or you withdraw it), token ownership will revert to the previous owner. Crucially, the price will also revert to what it was at the time- you will never end up paying a higher rental price than you originally set. If there are no previous owners, the token becomes unowned, and the price is set to zero.
For a more fleshed out and numerical example, see the ‘Example Flow’ in the Github readme here.
This is my first dapp and would welcome any feedback or suggestions (or if you would like to get involved). My telegram is mcplums.
Acknowledgements
This project began as a fork of Simon de la Rouviere’s brilliant project ThisArtworkIsAlwaysOnSale so I am very grateful to him.
I am currently doing the Consensys Solidity Bootcamp and am grateful to my mentors, especially Dipesh, Nich, Amal and Josh.
Exhibiting an extreme tolerance for stupid questions, I am also very grateful to Micah and others from the Augur discord. Thanks also to Chris from my local meetup.
