Polkamarkets Partners with Terra Virtua for NFT Gamification Technology
We are thrilled to announce that Polkamarkets has partnered with Terra Virtua to gamify our prediction markets with NFTs!
At Polkamarkets our product is all about delivering an entertaining and gamified experience for prediction markets. Forecasting can be fun! We want to create an engaged community of users and forecasters to contribute to the collective knowledge base of the future. One of the best ways we have seen is to leverage the exploding NFT movement on top of blockchain.
What are NFTs?
NFT stands for Non-Fungible-Token. We know, that’s a lot of jargon. What “non-fungible” means is that it is one of a kind. There are no two same NFTs (although NFTs can be similar in design, they will always be unique by having a unique signature, more on that later).
So, NFTs are essentially digital collectible items. But collectibles have always existed, and there even have been digital collectibles before. What makes NFT collectibles special is that they are provably unique, and the fact that they are blockchain powered means that you can prove both ownership and provenance (where and who had the NFT prior to the current owner) easily and transparently. The issues of verifiable ownership and provenance are two of the most important concerns when it comes to valuing a collectible item. That of course, and authenticity.
Authenticity Through NFTs
Since cryptographic proofs are used to generate the NFTs, the NFT creator can sign the NFT as their creation and therefore a valid digital collectible. We’ve seen companies like Nike put rare collectible shoes on the blockchain to ensure authenticity, and we’ve seen sports leagues like the NBA tokenize amazing plays like Lebron dunking on the blockchain.
Polkamarkets’ partnership with Terra Virtua will enable us to gamify our prediction markets and offer unique incentives to our users to both trade and interact with other users on the platform.
NFT Use-cases on Polkamarkets (what we can reveal now)
- Badges & Avatars for top users: the best forecasters on the platform earn bragging rights via NFTs showing off their forecasting prowess
- Prizes for featured markets: holding winning outcome fractions to event resolution on special, featured markets will yield NFTs
- NFTs for access: Invite only markets & special online events will require NFT passes to enter
- Exclusive and official NFT merchandise and collectibles from major sports and Esports leagues and global brands!
Our partnership with Terra Virtua will enable us to offer our NFT rewards more efficiently by leveraging their technology.
“We want to tap into the power of NFTs to gamify Polkamarkets. That’s why Terra Virtua is such an important partner for us. Their technology will enable us to give our users access to branded and official NFTs from global brands, sports teams, Esports franchises, and more. As an open marketplace for NFTs and NFT artists, Terra Virtua will help to augment the network effects of the Polkamarkets community at large. We look forward to working together to bring more gamification and fun to the prediction market space.” — Ricardo Marques, CEO and Co-Founder of Polkamarkets.
“We can see at Terra Virtua how Polkamarkets can add an amazing layer to help gamify major events. With movies, music and sports becoming more and more virtual, digital merch and prizes associated with key moments would add a huge amount of fun to the experience. We will be working with Polkamarkets to come up with some engaging competitions with some unique NFT rewards — exclusive to their platform and Terra Virtua.” — Jawad Ashraf, CTO and Co-founder of Terra Virtua.
About Terra Virtua
Terra Virtua is an entertainment-focused collectibles platform. Using blockchain technology, it provides utility by allowing collectors of digital assets to display and interact with their virtual goods in PC, Web, Mobile and Augmented Reality. Leveraging the latest in mobile and gaming technologies, their mission is to engage and connect fan-based user communities.
Polkamarkets is a DeFi-Powered Prediction Market built for cross-chain information exchange and trading where users take positions on outcomes of real world events–in a decentralized and interoperable platform based on Polkadot.