How to bet on a Reality Cards Event

Overview

Reality Cards is the world’s first hybrid NFT-based predictions market. It’s a place where you don’t just bet on an outcome, you own it. Below is a comprehensive tutorial on how to place bets on the Reality Cards platform. This tutorial assumes that you are already whitelisted on the Polygon BETA [link], and have your wallet set up and configured for the Polygon Network.

This comprehensive tutorial will provide you with instructions on how to deposit funds on the Reality Cards platform and place a bet on an Event. Something to note — the Reality Cards development team is very responsive and deploys updates regularly. There may be various inconsistencies as this article ages.

• How to deposit funds on the Reality Cards public Polygon BETA
• How to place a bet on an active Event
• How are winnings distributed for Events?
• How are NFT cards awarded to winners?

How to deposit USDC on the Reality Cards public Polygon BETA

1. Navigate to the Reality Cards public BETA at beta.realitycards.io.In the upper right corner you’ll see a button “Connect”. Click on “Connect” to add your MetaMask wallet.

• Once your MetaMask wallet is connected and switched to the Polygon Network (via the MetaMask network dropdown menu), you’ll be able to deposit funds to the Reality Cards platform. Click the “+” next to USDC.

• You will be presented with a “Deposit” menu. Input the amount of USDC you want to deposit and click on “Deposit on Polygon”.

• The deposit process on Reality Cards is a two step process. You’ll first need to Approve the transaction, and then Confirm the deposit. To first Approve the transaction, you’ll be prompted to “Confirm” via MetaMask. Click “Confirm”.

• Once the approval transaction has been processed, you can click “continue”.

• Next you’ll need to “Confirm” the deposit and “Confirm” the transaction via MetaMask.

• Once your transaction has been processed, you’ll see a confirmation message. Click “Complete”.

• You will now see the available USDC that has been deposited on the Reality Cards platform. You can now place bets on any active events. Follow the instructions below on how to place a bet on the Reality Cards platform.

How to place a bet on an active Event

Now that you have deposited USDC onto the Reality Cards platform, you can try your hand at winning by placing bets on any active Events.

• Click on “Active Events” or “Explore Events” from the Reality Cards homepage.

• Choose any Active Event to place a bet. In this example, we’ll be placing a bet on the “Is the $BTC going to be above or below $45k by August 19th 2021?” Event.

• You’ll be presented with the available options, or cards, that you can choose to bet on. For this specific event we can choose from “Below $45k” and “Above $45K”. Since we’re feeling optimistic, for this example we’ll choose “Above $45K”.

• When we click on the “Above $45k” card, we’re presented with the ability to “Rent Card”. This is where we place our bet. In this example, we click on “Set Min” which will automatically put the minimum amount needed to be the new card holder. Click “Rent Card” and you’ll be prompted to approve the transaction via MetaMask.

• Once our transaction has been processed, we can see that we’re the new card holder for “Above $45k” on this event. You have successfully placed your first bet on Reality Cards, congratulations! You can see this confirmed on the card (see below).

• You can now see your wallet address listed on the Leaderboard. You’ll notice that even though we’re the current owners of this card, we’re in last position. This is because we’ve owned this card for the least amount of time compared to the other renters. The longer you hold (or rent) the card for, the more your position increases on the Leaderboard.

You can see how our initial bet has gone from 11th to 9th position as our Time Owned increases. Additionally, the longer you rent the card for you’ll see your USDC funds decrease based on your rental price in near real-time.

You now have all the knowledge necessary to place all the bets you want on Reality Cards. If you’d like an explanation on how winnings are distributed on Events, or how NFT cards are awarded, please see the comprehensive tutorials below.

How are winnings distributed for Events?

Once you place your initial event on a card, you immediately begin accumulating “Time Owned”. If you have a position on a winning card the Pot Size is distributed based on total % of ownership time. Let’s use a real-world example by taking a look at the “Is the $BTC going to be above or below $45k by August 19th 2021?” Event.

When we placed our initial bet [link] we were placed on the leaderboard. But we start in last place. This is because we’ve owned the “Above $45k” card the least amount of time. We also see our USDC funds decreasing by our rental fee in near real-time.

Le’s pretend that our example Event concluded right now. The Pot Size which is $4,237 USDC (at the time of this publishing) the total bot is distributed as follows:

• 2% to the artist who designed the Event Cards
• 49% distributed amongst the total number of card renters
• 50% of the total Pot Size awarded to the top card renter

Below is an exact breakdown of how the 49% would be distributed amongst the 11 card renters + the award for longest card renter:

You can see how advantageous it is to be the top card renter, as you get the largest percentage of the total pot in addition to being awarded a limited NFT minting of the Event card.