Wallfair — An Event Speculation Platform with DAO Governance Designed for the Creator Economy
Wallfair is a social event trading platform that combines blockchain, prediction markets, DAO governance, and a user experience that’s specifically designed for creators and their communities. In a nutshell, Wallfair enables users to bet on the outcomes of live events in a virtual setting by trading the platform’s in-game token called WFAIR. You can imagine it as a form of a decentralized digital casino where the chip holders call the shots and the bets are made on the speculated outcomes of live or upcoming events.
While blockchain-based prediction markets aren’t entirely unheard of, Wallfair is bringing a much-needed freshness to the industry. The current landscape is filled with options like Augur or Polymarket, both of which mainly focus on centrally organized IRL events (i.e. sports, economics, elections, etc..). These platforms do a decent job at providing simple speculation markets based on pre-existing events. On the other hand, they severely lack any real attention paid to social participation or creation.
The existing crypto-prediction platforms basically let you be a semi-passive speculating spectator (say that 5 times fast) while Wallfair enables you to become a fully active creator and/or engaged community member. With this focus on creation, community engagement, and user experience, Wallfair has created an event-based betting ecosystem that has a very good chance at real mass adoption. This is a betting platform that’s as equally designed for mass appeal as it is for prediction market enthusiasts, cryptocurrency aficionados, creator economy influencers, and the event audiences who’d prefer to feel like engaged members of their communities.
Wallfair & the Creator Economy
According to Forbes, the “creator economy” is rapidly growing with a current estimated size of just over $100 billion. That includes YouTubers, Twitch streamers, TikTokers, Instagram influencers, and any other forms of monetizable digital content creation. The market has done a decent enough job at offering new and exciting tools for producing and distributing this content. Most notably, live streaming platforms saw 99% year-over-year growth from 2019 to 2020. However, there are still several limitations when it comes to creator incentivization, particularly in the form of innovative revenue generation.
Wallfair plans to fill this void by combining the forces of the creator economy with blockchain-based decentralized speculation markets. Traditional prediction markets are built around centralized event creation, high participation fees, and a limited or non-existent focus on community engagement. Basically, you enter the platform, get to choose from a small set of pre-existing prediction markets that are mostly based on IRL events, and place your bets without any interaction between yourself, the event creator or players/participants, and the other platform users.
Crypto-based decentralized prediction market alternatives have taken a step in the right direction by (slightly) reducing fees, enabling some event creation, and providing the bare minimum tools for engagement. Still, these platforms generally suffer from poor user experience, limited liquidity (and subsequent market volatility), and a severe lack of resources for creator economy participants. Wallfair is reaching beyond the limitations of these existing crypto-based prediction markets by establishing a fully immersive entertainment experience.
So what really sets Wallfair apart? Most importantly, it’s their commitment to helping creators have more control over their monetization efforts as well as more creative ways to engage their followers. Content creators using the Wallfair platform will now have the opportunity to generate an innovative revenue stream by collecting a percentage of the fees generated by the bets placed during their events.
This also provides creators with a fun and exciting way to interact with their followers while turning those audience members into active event participants. The creators earn more and have more opportunities to engage while the community members get to actually take part in the action. And Wallfair benefits by potentially attracting millions of engaged users onto their platform through the power of their creators’ influence. It’s truly a win-win-win for all parties involved.
Wallfair creators can also leverage platform-based NFTs to create additional revenue streams or to simply reward their followers. These NFTs will give special perks to users in the form of customizable avatars, VIP event access, and even event creation capabilities depending on the specific context. You can think of this as a sort of “icing on the cake” that will help to increase community engagement, creator revenue, and platform adoption as a whole.
How Wallfair Social Event Speculation Works
Eventually, the Wallfair platform will allow communities to set and create their own event markets. In its current iteration (aka Wallfair Alpha), Wallfair’s internal event creation team will work directly with their Wallfair Starz (selected influencer/content creator applicants) to structure events and their connected speculation markets. This is a common step for most decentralized organizations where a certain amount of central control is put in place at the start.
In Wallfair’s case, this is being done to ensure the creation of high-quality and truly engaging events that will generate the best possible user experience. Once the platform’s engine is fully revved up, the steering wheel will slowly be handed over to the community members in a truly democratic fashion.
At this stage, betting paradigms are established in conjunction with the Wallfair internal team and the influencers, streamers, and gamers that are able to create on their platform. The Wallfair team then randomizes all bets for each event to ensure that no one involved in the creation will have the ability to skew bets in their favor. In its next iteration, the Wallfair platform will allow users to create events and the bets associated with them in private channels called “Wallfair Rooms”. Once fully evolved, Wallfair will become a fully democratic space for the creation and participation in event prediction markets.
The WFAIR Token & Wallfair’s DAO Governance
The WFAIR token is the backbone of Wallfair’s entire platform. It provides liquidity to their speculation markets, facilitates all activity on the platform (including event creation, participation, dispute resolution, etc…), and enables holders to participate in Wallfair’s DAO governance model. WFAIR holding is essential for participation in the Wallfair platform, which will inevitably generate more value for the token and a more streamlined and efficient ecosystem.
Wallfair’s IDO is set to launch at 12:00 pm UTC and end at 18:00 pm UTC on October 12th through TrustPad. The initial market cap is established at $200,000 with a launch price of 0.04 BUSD per WFAIR token. Registration for this IDO is currently open and will end 1 hour before the official launch.
“Don’t play against the house, be part of the house!” — Wallfair
As we mentioned at the top, you can think of Wallfair as a digital casino where the chip (token) holders are officially “part of the house”. By combining the power of prediction markets with revolutionary principles of DAO governance and the exponentially expanding “creator economy”, Wallfair is poised to make major waves in this industry. You can learn more about this project and sign up for the IDO or the platform itself by following the links below.