Table of Contents:
- What is a Web3 Opinion Trading Platform?
- Problems Web3-based Opinion Trading Apps Aim to Solve
- Features Making Web3 Opinion Trading Apps Valuable
- The Role of Artificial Intelligence in Web3 Opinion Trading Solutions
- Why is Building a Web3-Native Opinion Trading App a Good Business Choice?
The Web3 market has never been short of exciting advancements as more and more conventional applications slowly find their way into the decentralized space. Opinion trading platforms have been among such applications that have found their groove in the Web3 space. With humongous support from the global community and digital-savvy population, Web3 opinion trading platform development has emerged to become a feasible business option. As the crypto market is experiencing an optimistic time, Web3 is expected to join soon, opening a possible breakthrough for these platforms sooner than expected. For now, our focus will be on everything about Web3 opinion trading platforms and why they can be a wondrous business opportunity in the near future.
A Web3 opinion trading platform enables people to bet on opinions about a particular event and gain if their stand becomes right. These applications derive their foundation from conventional opinion trading platforms (or prediction markets) that let users bet on the outcome of numerous events.
- These platforms differ from their Web2 counterparts by letting users bet using cryptocurrencies and offering crypto rewards in case they win. Also, all investments are recorded on the blockchain, rendering it impossible for anyone to alter the odds or decision-making through modifications.
- Most of them also work with utmost decentralization, ensuring no intermediary is present in the platform. Whether placing bets or distributing rewards, extensively written smart contracts take care of all functionalities involved.
- Typically, these platforms allow people to make opinions on events related to sports, politics, weather forecasts, traditional financial markets, crypto price movements, and even flight delays (sounds interesting and weird, doesn’t it?).
- The platform can either focus on diverse types of opinions (like OpenSea does for NFTs) or let users bet on opinions based on a single niche (like Foundation or Axie Marketplace).
- Popular opinion trading platforms running on blockchains in the current age include Augur, Polymarket, Hedgehog, Feel, DexWin, Wingman, and Better Fan.
As the Greek philosopher Plato said, “Necessity is the Mother of Invention,” every innovation has a reason that drives one to think differently in the first place. This suits even after thousands of years, even extending to Web3-based opinion trading platforms. You might even wonder why someone would integrate blockchains into opinion trading apps. But, there are striking answers for the move, with some even leading to people linking probable corrupt approaches in sports and politics.
- Firstly, conventional opinion trading applications had intermediaries that would levy hefty fees for placing even small bets. This hindered most people from leveraging their subject matter expertise into financial returns.
- Alongside intermediaries, their operations were completely opaque, meaning no one will ever be able to verify if the actual odds shown are correct, as the potential for deliberate manipulation is high.
- Also, people placing larger bets with the power to influence the event directly or indirectly could change the event’s outcome, even if the odds state otherwise. Users not knowing who they are playing alongside is not a great idea in case of such opinion markets.
- Even after the event outcome is published, settlements of rewards take ample time in Web2 opinion platforms. Cases like the end of banking hours, weekends, and bank holidays might come into the act when users try to withdraw their returns.
With Web3 technology, all of these concerns are eliminated. Blockchains trace every deposit withdrawal, and smart contracts govern how users bet on opinions. With such extensive automation, problems associated with intermediaries and opaque manipulations get nullified.
All Web3 opinion trading applications come with a specific set of features that facilitate users to tap into their general knowledge to gain rewards. While these platforms are certainly different from most Web3 business applications, they come with special elements that make them more accessible and attractive.
- Event Categories: People can bet on opinions for outcomes of many types of events, including crypto price movements, financial markets, global politics, sports events, business decisions, entertainment, and scientific research. People can choose to participate in periodic opinion markets based on the knowledge they have of a particular event.
- Search and Filter: Both searching and filtering features in the Web3 opinion trading market can be helpful for people to find the appropriate events faster. While the “Search” option offers results for relevant keywords, filters can help people explore events based on points like volume, liquidity, end date, active status, and categories.
- Connect Wallet: Users of the Web3 opinion trading app can connect their own cryptocurrency wallets to bet on events and gain and store rewards. Most applications support popular wallets, including MetaMask, Coinbase Wallet, TrustWallet, and OKX Wallet. Others offer a built-in wallet where users can deposit cryptos to make bets and transfer rewards to their external wallets.
- In-App Chat: The Web3 opinion app can let users chat inside the platform through an integrated Discord portal. Several sections demarcating multiple event categories can be created where like-minded people can discuss matters and share opinions. The content found in these portals can be instrumental for people to place their bets accordingly.
We have seen how vital artificial intelligence (AI) has become in today’s world, with people across the globe getting exposed to this technology in several ways. AI has not left Web3 opinion markets alone, as several AI-based features have found their way into these applications.
- Artificial intelligence in opinion platforms powered by blockchains creates powerful provisions for data analysis, as huge volumes of data can be processed and analyzed in a short time. Results gained from the analysis can be offered to users who make bets on opinions.
- AI elements can be used by people to access trading strategies which they can use to earn rewards. AI-based algorithms extensively use historical data and current market sentiments to create strategies that can help in forecasting event outcomes with outstanding levels of precision.
- These platforms can be used as a tool for predictive analytics, which can benefit from event forecasts made in these applications. As predictions made in Web3-native opinion trading platforms are from a diverse group of people with different perspectives and subject matter knowledge, forecast accuracy is mostly higher.
While we have seen most things about Web3-native opinion trading apps from a user perspective, we have yet to explore their feasibility as a business model. Running one such application is indeed a good business opportunity, given the rising buzz around cryptocurrencies and Web3 technology.
- Web3-based opinion trading platforms serve as a pathway for businesses to explore the decentralized market while offering highly gamified experiences that drive user adoption.
- Ventures can tap into multiple revenue streams using this model, ensuring a regular flow of income. They can gain more by letting users bet on events based on diverse categories.
- Businesses opting for the model can have higher chances of success in the Web3 space, as these platforms are accessible, friendly, and transparent to users. Such a decentralized nature can lead ventures to taste immeasurable success in the near future.
If you have come this far, you might have certainly gained something new! With a business model as advantageous as the Web3 opinion trading platform, you can benefit immensely as it is set to redefine Web3 adoption levels. Additionally, the level of optimism observed in the crypto space powered by price surges and regulatory moves makes the model viable to launch currently. If you want to create your own Web3-based opinion trading app, opting for our seasoned developers will be the ideal move. With an experience exceeding seven years in the industry and hundreds of successful launches, we strive to bring you the best in everything. Speak to one of our professionals today to launch your own Web3-native opinion trading platform!