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PlotX, a decentralized predictions market aims to solve critical issues involving the onboarding of users to GameFi by having low barriers of entry such as low setup costs and faster turnaround times. The PlotX ecosystem makes it possible for users to step into the X2Earn model and make the most of all that Web3 has to offer - from decentralization to improved security, and more.
The blockchain prediction market has been exploding in value and adoption over the past two years following the sublime growth of non-fungible tokens (NFTs) and the GameFi ecosystem. Today, the GameFi (or play-to-earn) industry boasts over $18 billion in total value locked, representing a 600% increase over the past year. Nonetheless, the blockchain prediction markets still face large barriers to entry, locking out most ordinary gamers and investors from the ecosystem.
Challenges in user onboarding
One of the most common problems facing blockchain prediction markets is the fact that they still charge high gas fees to gamers. This locks out small-time investors from gaming on these platforms as the gas fees eat into the profits gained from playing the game. As demand for decentralized finance (DeFi), gaming, and NFTs grew on Ethereum, the gas fees grew exponentially, often reaching $100 per transaction, causing problems for any user/project on the blockchain.
Additionally, some play-to-earn games also affect the onboarding of users due to low rewards. Notwithstanding, these platforms require a huge investment to kick off playing. For instance, Axie Infinity, an Ethereum-based gaming protocol, needs 3 Axies (its native NFTs) to start playing the game. With the cheapest Axie costing around $30, it is very expensive for gamers in developing countries to enter the ecosystem.
Finally, many blockchain prediction markets are also quite technical in their nature, which makes it very difficult for non-tech savvy to participate in the ecosystem. This ultimately damages the overall uptake of cryptocurrencies and blockchain by limiting the upside for those involved. These problems are most prevalent in the developing world.
Revolutionizing the decentralized prediction markets
Launched in 2020, PlotX aims to allow users to earn rewards by making predictions about a variety of different cryptocurrencies and fiat markets and their pricing differentials, earning rewards for correct predictions. The platform offers users a way for crypto traders to monetize their knowledge of the market and earn more than they would by simply buying and selling cryptocurrencies. With PlotX, users are able to make up to 4x ROI on their market forecasts, and it could be done in as little as 1 hour!
Adding to the high rewards, PlotX has also addressed the issue of high gas fees by creating a zero-fee platform. This removes the barriers of entry for all users, allowing players with as little as $5 to participate in the prediction markets. It also allows traders to make the most money possible from their transactions and predictions. According to the team, more than $32 Million has been used in participation, and from this and users have successfully totaled more than $14 Million in rewards.
PlotX also reduces the technicalities and market complications, making it possible for average users to stake their tokens and make predictions. The platform is easy to set up and understand even for crypto newbies. This helps to increase the overall uptake of the project and the cryptocurrency ecosystem, especially in developing nations, which are getting more immersed in the cryptocurrency space.
Finally, PlotX also offers staking opportunities, providing a passive income for the users, without risking on the prediction markets. This creates earning opportunities for those that want to be active and those that want to earn money without having to constantly manage their account. The platform currently supports six cryptocurrencies to widen the scope for users. The tokens available include its native token, $PLOT, $USDC, $USDT, $WETH, $MATIC, and $DAI.
Image: PlotX (Medium)
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.