SINGAPORE, November 20, 2022 /PRNewswire/ — From partnering with a well-known cryptocurrency platforms for deploying a collection of NFTs and presenting web3 games, crypto space high with fifa fever. This only proves that blockchain technology has changed various sectors, with the sports industry being at the forefront of these changes.
Like other brands on the list celebrating the FIFA season, XT.com – the world’s first socially oriented exchange – launched an official campaign dedicated to the World Cup on November 15, 2022. Introducing World Cup 2022 prediction market a feature where you can show your support for your favorite team.
“I’m interested. But what is a prediction market?
The 2022 FIFA World Cup 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 benefit change is zero. Other games that fall into this category include chess, poker, and bridge. In fact, the first prediction market in space was centered around the 2020 US presidential election. Moreover, according to a reliable source, the product generated millions of dollars in revenue and contributed greatly to the creator’s innovative image as an exchange.
To learn more about prediction markets, you can check the details here.
“Clear! I want to know more.”
In particular, the trading pair in the 2022 FIFA World Cup prediction market is tied to the results of a football match. The naming rule for futures in the group stage of the tournament is Wcup2022.
. Each team is named after the country’s abbreviation.
(OK for QatarEC for Ecuadorand so on…), and delivery results depend on whether the anchor team wins, loses or ties.
Take, for example, this year’s opening match. The leading team in this game is Qatar as well as Ecuador is his opponent. Therefore, the contract will be Wcup2022QAvEC. If a Qatar wins the match, the futures contract will be delivered to 1 dollar. Therefore, if Qatar loses the game, contract expires at $0and if the match is declared a draw, the contract will be delivered to $0.5.
In this case, 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 delivery due to force majeure.
For more information about the new product, see link.
“Okay, so how do I trade?”
XT.com understands the fact that not everyone is an experienced trader. With this in mind, the platform has created two different user interfaces to suit any level of knowledge. 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 have not already done so. Also make sure you transfer money from your spot account to your USDT-M futures account.
To make things easier, XT.com has provided a click-to-trade product that can be found on this site. page. Select the match you are interested in and choose your trading side – win or lose. Place a market order in one click with an instant market price.
Once the order is completed, you can check it in the “Current position” section.
For those who are familiar with futures trading, there is a “pro version”. Taking France-against-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, as would selling at a higher price. You can set your ideal price with a limit order on this interface.
As above, let’s say you buy 1000 units (including 5x leverage) on the Wcup2022FRvAU contract at a price of $0.6. After the start of the game and if France scored, the price of the contract would have increased to $0.7. You can close your position in the amount of 500 units and make a profit of $50.
Still having your $50 profit from the previous example, if France eventually win the match, all your remaining positions will expire before 1 dollar. As a result, you will receive additional 200 dollars.
“Is there anything else to say?”
While the prediction market is an innovative futures product, it also comes with risks. Before investing, you should first do proper research and only invest in what you can afford to lose. On the other hand, it is also an exciting experience to make money by showing your love and support for your favorite team. Go to XT.com crypto exchange to learn more about how to earn rewards while enjoying the 2022 FIFA World Cup season!