OpenDAO to launch SOSMarket, an NFT Prediction Market powered by the Polkamarkets Protocol!
OpenDAO to launch SOSMarket, an NFT Prediction Market powered by the Polkamarkets Protocol!
Polkamarkets’ prediction market protocol is being used to power OpenDAO’s new NFT Prediction market, where their users will be able to forecast outcomes in the growing world of NFTs. This new prediction market is called SOSMarket, and it showcases the power and flexibility of Polkamarkets’ prediction market protocol to quickly launch prediction market applications in a variety of industries using the tools explained above.
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The first NFT prediction market: SOSMarket
SOSMarket is the first prediction market focused on the NFT world. By using the Polkamarkets-js SDK, OpenDAO was able to provide their users with a new way to engage with their NFT community. $SOS holders will be able to create prediction market premises based on the world of NFTs, in order to predict the future of NFT projects, prices, governance, and much more.
The speed of launch demonstrates the strength and flexibility of the Polkamarkets-js SDK codebase very well. Polkamarkets protocol is excited to see more developers get in touch to build on our expertise.
SOSMarket seeks to enable users to take positions on their knowledge of the NFT world. SOSMarket users will be able to use their $SOS tokens to open markets to predict floor prices on NFTs, governance motions in the NFT world and community, and monetize their correct predictions to earn ETH.
For detailed information on how to use SOSMarket, please visit OpenDAO’s blog announcement here.
$POLK as the Bonding Mechanism on SOSMarket
As a fork of the Polkamarkets Prediction Market Protocol, SOSMarket will still use $POLK tokens for bonding and market resolution. In their particular fork of the protocol, SOSMarket will require holding $SOS tokens for market creation, and use ETH as the currency for liquidity provision for markets. Therefore, SOSMarket will be live on the Ethereum Mainnet.
$POLK as the bonding mechanism for SOSMarket, and indeed any other prediction market built / forked via our protocol, shows a strong and growing use-case for $POLK as the oracle mechanism for prediction markets. By using $POLK as a bond for event resolution, users of prediction markets can be assured that markets resolve in a decentralised, accurate and transparent manner.
“We are happy to provide technical support to OpenDAO for their launch of SOSMarket. As a fork of the Polkamarkets’ prediction market protocol using our SDK, SOSMarket can become one of the most used NFT prediction markets, growing adoption. We look forward to seeing the interesting premises and markets that SOSMarket’s users will create and forecast!” — Ricardo Marques, CEO of Polkamarkets Labs
“The launch of SOSMarket has enabled us to bring our community of hundreds-of-thousands of users a new way to interact with OpenDAO. The NFT world will never be the same, now that we have launched the first prediction market for NFTs. We believe that SOSMarket will bring more transparency, decentralization and most of all fun to the world of NFTs. Polkamarkets’ technology stack enabled us to launch SOSMarket in less than 7 days.” — 9x9x9 of OpenDao
Disclaimers:
- There is no financial incentive between the two parties involved beyond pursuing greater adoption of prediction market technology and its usage to more users and communities.
- SOSMarket is deployed by the OpenDAO, not Polkamarkets Labs, as a fork (having changes) from the Polkamarkets Protocol. Therefore, the audits done and shown at https://polkamarkets.com may not apply to ensure the stability and security of the SOSMarket protocol and/or application.
- Beyond providing SDKs, Polkamarkets Labs is not affiliated with the OpenDAO founding organization.
- Polkamarkets Labs will not provide, and will not be responsible and/or liable for, technical and customer support for SOSMarket Users.
About The OpenDAO
A digital native community centered around leveling the playing field for both creators and collectors. The OpenDAO is pioneering community-led projects aiming to truly decentralize web3. It has been working hard to build infrastructure for the NFT community so that NFT collectors can trade in a healthier ecosystem.
About Polkamarkets
Polkamarkets is an Autonomous Prediction Market Protocol built for multi-chain information exchange and trading where users take positions on outcomes of real-world events–in decentralized and interoperable EVMs.
