Prediction Markets of Web3: Bets to Compete or Collaborate

Prediction markets have been operating since long before the internet was ever invented. They are being used for a variety of purposes other than predicting the weather and winning bets.

Prediction markets were an unique notion when they first started. There are several applications, including entertainment (predator detection).

Prediction markets have existed since the dawn of time, long before the internet. Other than predicting the weather and winning bets, they are utilized for a number of purposes.

When they first started, prediction markets were a novel concept, but now, There are a variety of uses, including amusement (predator detection).

What is a Prediction Market, and how does it work?
Prediction markets are, in their most basic form, a way of betting on certain outcomes of future occurrences. Markets can also be used to predict the likelihood of any given result (or set of outcomes) originating from a known process.

To give you a quick overview, the pricing in an election betting market can indicate how people feel about the candidates: for example, if candidate A is 2–1 and candidate B is 5–2, we can assume that the markets think B is the better candidate.

Predictive markets are founded on the premise that those closest to the data have the highest chance of generating correct forecasts, and they can be used for anything from scientific research to political elections to financial forecasting to fantasy sports and even dating.

Here are some of the web3 predictive markets where you may make predictions, earn money, or simply check around for research.

1. Augur: Augur literally means “an event or circumstance that foreshadows a favorable or unfavorable outcome.” Augur is a decentralized prediction market based on Ethereum that allows you to wager on any imaginable event. Augur allows you to take advantage of your knowledge and put it to work for you. It also allows others to find and reward your wisdom. Augur claims to not take a percentage of winning bets, allowing participants to get the most out of their predictions while keeping fees to a minimum. It currently supports a variety of prediction markets, including Sports, Crypto, Politics, and others. It has the potential to become your next No-Limit Betting Platform. Augur blends the enchantment of prediction markets with the strength of a decentralized network to create a startlingly accurate forecasting tool–as well as the opportunity to earn from real-money trading. The Reputation (REP) token enables users to report on the outcomes of real-world events, resulting in an ever-changing information landscape.
2. Polymarket: Polymarket is a web3 predictive market that considers itself an information market that is built on Ethereum (and scaled via Polygon). They do not profit from bets or forecasts made about future occurrences. It is intended for educational and informational reasons, with the possibility of earning money through gambling or making informed judgments based on market feelings and other considerations. Polymarket does not host any predicted markets; instead, it aggregates and displays all of the markets that are currently active on Ethereum and other sidechains. It makes forecasts using USDC and Ether. Furthermore, users must deposit tokens in order to place bets, and they are unable to use a third-party wallet or decentralized wallets.
3. Omen: Dxdao owns Omen, a prediction market methodology and product. It’s based on the conditional token structure from gnosis. The finest thing about Omen is that anyone may start a prediction market or supply liquidity, unlike other platforms where starting an information market requires specific requirements. It resolves a market’s outcome using Realit.io and Kleros as an arbiter. Users can currently predict results using Dai and Eth tokens by connecting their Metamask wallet or a wallet that supports Wallet Connect. The 2 percent higher fees a customer must pay on top of Ethereum gas for participation are offset by the sleek user interface and wide choice of predictive markets.
4. PlotX: PlotX V1, also known as Uniswap of Prediction Markets, is a decentralized non-custodial prediction market technology that was released on the Ethereum Network. PlotX V2, a scaled solution using Polygon, is currently available to users. As a utility token, the platform employs $PLOT. The ability to do gasless transactions, as well as cutting-edge features like Guaranteed liquidity and Cross-chain swaps, provides PlotX an advantage over other basic prediction market systems. It also hosts six cryptocurrency exchanges at the moment (BTC, Matic, SHIB, DOGE, Ether, and BNB). Users can search for marketplaces that are open for one hour, one day, or one week.