Top Markets and Prediction Use Cases on PredictX
The DeFi market is fast-growing, but we don’t yet have a reliable prediction-based DeFi platform. PredictX aims to change it by bringing prediction markets to DeFi.
Centered on precisely designed incentives and automated liquidity, PredictX ensures excellent liquidity while giving users a chance to predict and win. Our user-friendly platform provides incentives for not just users but also liquidity providers.
The platform can be perfect for any market with the potential to ‘predict.’ Here are five potential major industries for predictions:
Major Events (i.e. Elections)
People try and predict the outcome of all kinds of significant events, including conferences and elections. The election betting market is enormous. It’s typically fought between multiple candidates; however, opinions usually favor two participants.
Predictions can be made on:
- Who will win?
- What will be the winning margin?
The 2020 election betting market was pretty huge. According to this Forbes report, bettors wagered around $300 million on Trump and around $500 million on Biden.
Though not the largest market, major events make up a large chunk of the betting market. People can bet on local, national, and international affairs. 2020 US elections, for example, had people betting from all around the world and not just the US. Betting on some events such as elections isn’t legal in all parts of the world. No US betting company currently offers bets on US elections; however, Americans do have some options to bet on election outcomes, but things can be tricky.
In addition to elections, other events can be predicted as well. The pandemic resulted in some new opportunities as many predicted whether the Tokyo Olympics would go as planned or not.
Sports
The sports betting industry is among the largest out there due to the huge number of sports to predict.
While football or soccer is one of the most popular options, users predict on the outcomes of almost every sport including basketball, baseball, tennis, golf, MMA, and even Esports.
The global sports betting industry hit a new high of 203 billion USD last year and is expected to continue to grow in the future.
Unlike event betting, sports betting is usually based on the teams’ skills and past performance or players participating in a game.
One can predict a number of things such as:
- Who will win a specific game?
- How long will an event last?
- Who will win the man of the match?
Sports betting gives people several opportunities. While some sporting events can be easier to predict, some can be more difficult. For example, it can be hard to predict which team will hit the first goal in a match, yet a large number of people take on such predictions.
PredictX will give users the opportunity to bet on a variety of outcomes. This will not only make things more fun but also provide a chance to make more money.
Price of Assets
Trading is a huge industry. People make millions predicting the future price of assets including stocks, commodities like cotton, precious metals such as gold, and even digital coins like Bitcoin.
Despite being highly unpredictable, the market is lucrative because one can make money in either direction. Both companies and individuals take part in predicting the price of assets based on technical analysis, company profile, future plans, market conditions, and expert estimates.
The interesting thing about this industry is that it can move in either direction, often without much catalyst. A good example can be Tesla which gained more than 600 percent in just a year before falling nearly 50 percent in a matter of days.
We have also seen Bitcoin go from under $5000 to over $50,000 in just a few weeks. There are a large number of platforms that offer users a chance to predict asset movements but we don’t have a decentralized system that makes predictions easier and more affordable.
PredictX plans to bridge the gap and make it easier for users to make money without having to ‘purchase’ an asset. Things that can be predicted include:
- Whether the price would go up or down
- How soon an asset will double
- What will be the earning per share (EPS)
Some of these factors are easier to predict but some can be very risky as this market is highly unpredictable and can go about 20 percent up to 20 percent down a single day due to both internal and external factors.
GameStop was recently in the news for making new billionaires due to sudden price shifts. Those who predicted it correctly laughed all the way to the bank; however, not everyone could ride the frenzy as a large number of brokers banned users from trading GameStop.
With PredictX, you will not have such issues. You will be able to predict and take the positions the way you prefer.
Weather
People predict weather all the time and PredictX is going to give you a chance to make money doing it.
- You think it’s going to rain today? Predict and win.
- You foresee a storm? Predict and win?
- Is June going to be hotter than May? Predict and win.
Weather is said to be easier to predict as we can access reports from meteorological departments to make an educated guess.
Pop Culture
Pop culture bets involve betting on the outcome of movies, concerts, and other such events.
- Expect the next phase of MCU to make even more money? Predict and win.
- Do you see Taylor Swift break previous concert records? Predict and win.
- Is this the end of Tony Stark’s MCU journey? Predict and win.
- You know the next couple heading towards a split? Predict and win.
Very few platforms allow users to predict on pop culture events despite there being many opportunities. With PredictX, you will be able to try your luck.
About PredictX:
PredictX is a DeFi protocol that brings prediction markets to DeFi. Centered on automated liquidity and precisely designed incentives, PredictX ensures the best liquidity across all event markets while allowing users to win off their predictions on a decentralized platform.
Our Official Links and Communities:
Website: https://predictx.market/
Twitter: https://twitter.com/1PredictX
Telegram Chat: https://t.me/PredictX_Official
Telegram ANN: https://t.me/PredictX_OfficialANN
Medium: https://predictx-official.medium.com/
