What Is Reality Cards?
Overview
Reality Cards is a unique hybrid platform that combines prediction markets and NFTs. The Reality Cards platform allows you to not only bet on the outcome of events — but own them.
Reality Cards is driven to not just be the first NFT-based prediction market, but the best. This has been and will continue to be achieved by listening to community feedback, and having a clear objective for the future. By having a clear and defined vision for the future Reality Cards ensures that they’ll be driving the NFT prediction market ecosystem for years to come.
But how does Reality Cards work, how do you view or submit an event, and how can you rent and/or win cards? We answer all these questions below.
How Does Reality Cards Work?
Reality Cards is currently in a public BETA and deployed on the Polygon network. If you’re interested in gaining access to the Polygon BETA, register here. Reality Cards listens to and takes care of their community. They have created a step-by-step walkthrough of how to get setup on the Polygon network if you’re unfamiliar.
In order to interact with the Reality Cards Polygon BETA you’ll need to things:
MATIC is the native token on Polygon and is used as a form of fuel or gas to process transactions when placing a bet on an event. USDC is the native token used on Reality Cards to rent cards, and is also used for payouts.
Once you have access you’re free to explore open events. An event represents a bet, and is not limited to just sports. Events can range from traditional sports-bets like “Who will win the Green Bay Packers vs. Minnesota Vikings game?”, to pop-culture events like “Who will eat the most hot dogs during the 4th of July hot dog eating contest?”.
Anyone can suggest event ideas and anyone can bet on events — but Reality Cards is the only place that allows you to own those events.
How Does Betting On Events Work?
The Reality Cards platform is incredibly exciting as it allows for multiple opportunities for winning. Let’s use a real-world example. If you’re looking to place a bet on the “Is the $ETH price going to be above or below $2.5k one week after the London Hard Fork?” Event, you would first need to decide if it will be ‘Below’ or ‘Above’:
Since you’re bullish on Ethereum, you choose “Above $2.5k”. You would select that card as the side you think will win overall. To do that you need to first place an hourly rental price for that specific card.
Let’s look at this a little closer. You can see that after we set our hourly rental price (since our bid was higher than the previous renter) we are now the current ‘owner’ of the card. But don’t celebrate too fast — it’s not as easy as simply having more money to earning your NFT Card.
If you look at the leaderboard, even after being the highest (current) renter, we’re still in last position.
Here is where the fun really starts. The idea here is to rent out the card you feel is going to win for the longest time, as the event Pot Size is distributed amongst all card renters based on the percentage of time rented.
At the time this article was written, the Pot Size for this event was $10,443. If we look at the leaderboard we can see the top card rental-holders. We can see that the top rental-holder at the time (cryptocomical.eth) owned the card for 16% overall — meaning they will be awarded $1,670.88 if the event were to end now.
The idea is to rent the card for the longest time to win the card. If you’re on the winning side of the event all renters are awarded a portion of the Pot Size based on percentage of ownership time. If you’re the longest holding renter you’ll receive the card. NFTs of cards are given to the longest-renters for both the winning and losing events.
What does Reality Cards have planned for the future?
The Reality Cards team is busy developing not just for today, but for tomorrow. This was made evident during the July Community Call where Reality Cards Co-Founder Andrew outlined a list of features potentially going to be developed and implemented into the Reality Cards platform.
Specifically, some of those items that were mentioned are:
- Meta Transactions
This means that a user doesn’t have to configure their wallet specifically to the Polygon network, but can interact with Reality Cards on Mainnet mode and communicate via meta transactions. - Notifications
The ability to be notified if someone takes the card ownership from you, if your deposit is running low, etc. - Reward NFTs
These would be in addition to the event NFTs and would be awarded to users who paid the highest rental fee, whomever loses the most money, etc. - Real-Time Data
The ability to display proper analytics directly from the blockchain like who currently is winning the most money, how much is in the contracts, what are all the recent rentals. - Troll Box
possible real-time chatting within events themselves to talk a little smack while the event unfolds.
