Place Your Bets -- XT.COM's World Cup 2022 Prediction Market Is Here
SINGAPORE, Nov. 20, 2022 /PRNewswire/ -- From landing a partnership with a well-known cryptocurrency platform to rolling out an NFT collection, and unveiling web3 games, the crypto space is high with the FIFA fever. This only proves that blockchain technology has disrupted different sectors — with the sports industry at the forefront of this change.
Similar to other A-list brands celebrating the FIFA season, XT.com — the world's first socially-infused exchange — launched its official World Cup-related campaign on November 15, 2022. Introducing the World Cup 2022 Prediction Market feature where you can show your support for your favorite team.
"I'm Interested. But What is a Prediction Market?"
The World Cup 2022 Prediction Market is based on the zero-sum game, which in game theory states that one person's game is equal to another's loss. Therefore, the net change in benefit is zero. Other games that fall into this category include chess, poker, and bridge. In fact, the first prediction market in the space was centered around the U.S. presidential election in 2020. What's more, according to a reliable source, the product has generated millions of dollars in revenue and greatly contributed to the creator's innovative image as an exchange.
To learn more about prediction markets, you can check out the details here.
"Got it! I Want to Learn More."
In detail, the World Cup 2022 Prediction Market's trading pair anchors the results of the football match. The naming rule of the futures n the group stage of the event is Wcup2022<anchor team>v<opponent>. Each team is named after the country's abbreviation
(QA for Qatar, EC for Ecuador, and so on…) and the delivery results depend on whether the anchor team wins, loses, or is at a draw.
For instance, let's take this year's opening match as an example. The anchor team in this game is Qatar and Ecuador is its opponent. Hence, the contract will be Wcup2022QAvEC. If Qatar wins the match, the futures contract will be delivered at $1. Consequently, if Qatar loses the game, the contract will expire at $0, and if the match is declared a draw, the contract will be delivered at $0.5.
Moreover, the delivery of all contracts will be carried out within 2 hours after the end of the game. However, please note that XT.com reserves the right to delay the delivery because of force majeure.
For more information about the new product, please refer to this link.
"Okay, So How Do I Trade?"
XT.com understands the fact that not everyone is an expert trader. Keeping this in mind, the platform created two different user interfaces to cater to everyone's level of expertise. Before we talk about them in detail, make sure you are logged into your XT.com account.
After logging in, activate your derivatives trading account — if you still haven't. Also, see to it that you have transferred money from your Spot account to your USDT-M futures account.
To make things easier, XT.com provided a click-to-trade product that can be found on this page. Choose the match you are interested in and select your trade side — win or lose. Place a market order in a single click with the market price instantly.
Once the order is fulfilled, you can check it out in the 'Current Position' section.
For those familiar with futures trading, there's a 'pro-version' just for you. Taking the France-vs-Australia match as another example, the futures contract would be Wcup2022FRvAU. If you think France has a decent 52% chance of winning, then the contract should trade at $0.52. Buying below this price would be good, same as selling it for more than the amount. You are free to set your ideal price with the limit order on this interface.
Same as the above, assume that you purchase in Wcup2022FRvAU contract 1000 units (5x leverage included) at $0.6. After the game starts and if France was able to score, the price of the contract would increase to $0.7. You can close your position of 500 units and earn a profit of $50.
Still having your $50 profit from the earlier example, if France eventually wins the match, all your remaining positions will expire to $1. As a result, you will gain an additional $200.
"Is There Anything Else Left to Say?"
While the prediction market is an innovative futures product, it also contains risk. Before investing, you should do your proper research first and invest only in what you can afford to lose. On the other hand, it's also an exciting experience to gain profits while showing your love and support to your favorite team. Head over to XT.com crypto exchange to explore more ways to receive rewards while enjoying the World Cup 2022 season!
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