What is Underbidding?
Overview
Reality Cards is constantly deploying new features and optimizations to not only make the Reality Cards platform better — but improve the NFT predictions market as a whole. Underbidding has been added as a new feature to Reality Cards as a result of the hard work from our development team; but you might be asking yourself, WTF is underbidding?
In this article we’ll outline and answer specifically:
- How does bidding normally work on Reality Cards?
- How does underbidding work on Reality Cards?
- How to get onboarded on Reality Cards to begin bidding
How does bidding normally work on Reality Cards?
Before we get into exactly how underbidding works on the Reality Cards platform, it’s a good idea to have an understanding on how bidding normally works on Reality Cards. When placing a bid on an event normally, you would do so by renting a card by paying 10% above the currently listed card rental price.
If you aren’t familiar with how to access the Reality Cards platform to place a bet, there is a comprehensive How-To series on YouTube to get you setup to place your own bids on events.
How does underbidding work on Reality Cards?
Simply put, an underbid is when you bid less than another bid — or less than the bid of another bidder. Now that underbidding has been deployed and enabled on Reality Cards there are no price restrictions on card rentals. If you want to take ownership by being the highest bidder, that’s always available. But now with underbidding you can also place a bid by attempting to rent a card for lower than the current price.
Here’s an example
Let’s say there is an event and the card rental you want to place a bid on is listed at $10 USDC/hr. You can own the card by placing a bid for $11 USDC/hr. (or more). This is how normally betting works as described above — but now that underbidding is enabled you can place a bid for $9 USDC/hr.
In this case you wouldn’t be the owner of the card since you’re not the highest bidder — but what you’re betting on is the current owner of the card to either run out of funds to maintain ownership, or to exit their position. This allows for an element of strategy on Reality Cards.
Of course, in reality there are more people placing max bids meaning you might not be the next in line, that’s why we are allowing users to see what other bids are placed by having an “Rentlist” table on the Card’s page (under Leaderboard). You can see this list as “who’s next in line”.
How to get onboarded on Reality Cards to begin bidding
Reality Cards is committed to helping everyone understand our platform, and that includes getting onboarded onto the platform. There is a comprehensive 6-part series on the Reality Cards YouTube page that specifically goes though:
- Getting Started on Reality Cards 1 of 6: How to open a Metamask Wallet
- Getting Started on Reality Cards 2 of 6: How to add Polygon to Metamask
- Getting Started on Reality Cards 3 of 6: How to add USDC and MATIC to Metamask
- Getting Started on Reality Cards 4 of 6: How to buy MATIC and USDC from Uniswap
- Getting Started on Reality Cards 5 of 6: How to migrate MATIC and USDC from Ethereum to Polygon
- Getting Started on Reality Cards 6 of 6: How to deposit USDC on Reality Cards
