The SOSMarket is a prediction market that allows users to place predictions on various aspects of the NFT market, such as floor prices (the lowest list price of a collection), or great events that are taking place (such as whether Pudgy Penguins will succeed in taking control over their NFTs and making a DAO) by a specific time.
What is the purpose?
Fungible tokens, or ERC-20 tokens, have a well established method of determining price, by the use of Chainlink oracles for example. Non Fungible Tokens (NFTs) in contrast currently only rely on the Opensea API to provide a floor price.
SOSMarket helps to provide a reliable source of information by forcing users to vote with ETH as a collateral. It encourages people to make responsible decisions and to add value with their knowledge about NFT markets.
What is a “market”?
A “market” refers to a specific question that is asked of the community. The market you create for others to place predictions on is actually a little market with liquidity.
You are required to hold $SOS in your wallet to start a market. Anyone can start a market as long as you hold 100M $SOS. The creator of a market will need to add some ETH as liquidity to start with. You can withdraw your ETH when the market resolves.
What does “market resolves” mean?
When the deadline of a market is reached, users have to bring $POLK tokens, the governance token of Polkamarkets, to “bond” with what they feel is the correct answer. In short, market resolving means someone coming to offer an answer by putting some money on the table. This will then open up a 3 day period for other users to have a chance to “dispute” the outcome.
What does “dispute” mean?
If you feel that the outcome given is wrong, you have to bring in double the amount of $POLK tokens compared to the previous person. Then this timer for 3 days will be reset again.
Why do we need an SOSMarket?
Your first and best forecasting tool in the NFT World
We are trying to bring to the NFT world the first and best forecasting tool by leveraging the power of blockchain and decentralization. With so much uncertainty in the NFT world, it has never been more important to see the future and we are trying to bring the world’s first and best forecasting tool to see the future more clearly.
Information is power and with it, we can do great things in the information age. Data is only as useful as how well it is organized, how trustworthy the data is and how fast we obtain it. By using prediction markets where participants must put their $SOS where their mouth is, forecasts become more reliable and accurate given that there is an incentive to be right (and a punishment to be wrong).
Fun & Value
The fun and value — two of the most important things in the NFT world — lie within the platform, within the OpenDAO community. Creating a space where value is reciprocated and fun is encouraged, is how communities deepen their connections and show up more consistently.
The SOSMarket is free to use. To start a market, you need to hold 100M $SOS in your wallet and some ETH to seed liquidity.
Anyone in the world who is interested in knowing more about the future outcome of a specific event can come and see its market on SOSMarket. Remember, people use ETH to make these predictions. They have every financial incentive to be right.
What is Polkamarkets?
Polkamarkets Labs developed the Polkamarkets Protocol, a decentralized and fully autonomous prediction market protocol. SOSMarket Protocol is forked from the Polkamarkets Protocol.
Polkamarkets is an Autonomous Prediction Market Protocol built for cross-chain information exchange and trading where users take positions on outcomes of real-world events–in decentralized and interoperable EVMs.
- Telegram : http://t.me/polkamarkets
- Discord : https://discord.gg/polkamarkets
- Twitter : https://twitter.com/polkamarkets
- LinkedIn : https://www.linkedin.com/company/polkamarkets/
- Website : https://polkamarkets.com/
What is the OpenDAO?
The OpenDAO is pioneering a community-led ecosystem aiming to decentralize web3. We have been working hard to build infrastructure for the NFT community to create a healthier ecosystem for all NFT collectors and artist.
The $SOS token is required to create a market in SOSMarket, for example, to pose your question that you need an answer for. However, to trade, you will require ETH, and to resolve markets, you will require the $POLK token.
Join Us and make Predictions
Thanks for reading this article, here are some ways to get involved.
- Watch our youtube video
- If you are an NFT collector and a citizen in Web 3.0, join us in the OpenDAO
- Learn how to start a market correctly (there could be some incentives to be a market starter, you have a chance to buy the outcome you think is correct at the cheapest price)
- Follow our twitter!
Further reading for those big brained folks
Read about prediction markets from Vitalik’s blog.