Hi all, my project BetFolio develops engaging crypto-themed prediction markets using API data from providers like DappRadar, Coinmarketcap, Defillama and LunarCrush.
Our risk-free prediction model allows users to bet on special predictions and win tokens without taking any financial risk. Holders of our NFT pass can place $0 bets on these risk-free predictions, with the winners sharing a prize pool of tokens provided by BetFolio or our sponsoring partners.
We’re interested in collaborating with the DappRadar community to promote risk-free predictions that pull data from DappRadar and use RADAR as the reward token in our prize pools.
If the community is interested, we would submit a proposal to obtain RADAR tokens from the DAO and redistribute 100% of the tokens to DappRadar community members via prediction winnings.
I’ve shared examples of predictions we recently launched that pull data from DappRadar’s API and reward winners with RADAR and USDC tokens in the prize pools:
“Which Solana dapp will have the highest increase in UAW by April 30th?”:
“Which dapp will have the highest increase in UAW by April 30th?”:
We offer binary true/false predictions as well as ‘Prediction Polls’ which allow users to vote on 1 out of 5 options and earn a share of the prize pool tokens if their choice ends up correct.
We believe this initiative will drive increased usage of the DappRadar platform and foster greater community engagement by introducing gamified incentives for users to explore dapps and analyze their metrics in order to become better forecasters and win RADAR.
how many NFT’s have sold? is there a limit to these NFT’s?
not being funny but you mean to promote risk free bets to nft holders >.> i think??
still its not a bad idea >.>
(how would u feel about it poll’s just being in the PRO area of the discord channel?)
And you do a quest each month for pro users to try and win said NFT’s -(time limit 1 day) say 25 / 30
Them pro members who don’t win a NFT the next day can mint one if they like and we do the polls and bets each week? so 4 polls a month?
Could be a little bit of cheap fun @Alex-Mammoth@vandynathan@bayar ???
We can always control how much is going in and could work.
Also if it is a hit we could somehow work it into the DAO league.
If we can put it in the pro bit and you do agree to doing the quests (over a set period of months say 3 for testing) then after see if the pro community wants to keep it or not.
My votes yes.
Another quick question would people or nft holders be able to bypass the polls via the website or contracts? because id like it to be a pro excuslive feature if possible?
We’ve sold 110 so far: https://betfolio-risk-free-predictions.nfts2.me/
The NFTs expire 30 days after minting. But during that 30 day period users can bet on as many risk-free predictions as they want.
These NFTs are like membership passes that you need to renew every month.
I like your idea of making weekly prediction polls available to PRO members. We currently run a weekly tournament on our telegram where participants have to bet on 6 predictions and the top 2 participants with the most wins and earnings each get a free NFT.
We can do a similar tournament just for PRO members. We can create weekly quests for pro members to mint our NFT and bet on the dappradar prediction polls for the week (if they’ve already minted in the prior week, they just need to place a bet and share it on social media).
Then at the end of the week we will award top 3 winners with a free betfolio NFT.
Pro members still need to mint our betfolio NFTs once per month to bet on these predictions. However, we could agree to give away 10 NFTs to your top PRO members (based on staking amount, influence or some other criteria) just to get initial interest.
We can make it a Pro exclusive feature by requiring 2 NFTs to bet on dappradar predictions: our betfolio NFT, and your Pro member NFT. This way no one will be able to bypass the restriction.
how many Radar you looking to use for all this? say over 3 months?
Also if we had a pro member NFT could we make this last also only 1 month?
And would there be a way for Radar to get a kick back from the sale of the Pro member NFT as well as you also getting some for giving away the nfts.
This would be better served as a quest i think. if the vote gets passed, sounds nice cuz id properly get a free nft but still gotta make it fair as possible.
For 3 months I think 800k Radar would be good. That would allow us to giveaway about 66k Radar (~$500) each week through dappradar predictions, which should be enough to get a lot participation.
i don’t get payed that for being an ambassador for 3 months work that sounds a lot. say 120,000 radar, which would be 10,000 radar a week. on the pole. (which is more than enough)
just gonna expand on a few ideas here.
You get NFT sale, each month for you its about the NFT sale 100%
If radar make a Radar member NFT to work with this along side your BetFolio NFT
Radar can make a quest for the Radar members NFT to pro members and they get there’s free, (just upon creating the NFTS they take some to hold for pro member quests)
And the none pro members can buy a Radar member NFT (which they could anyways) regardless of being pro or not but id like these sales to go to the DappRadar DAO Treasury fund if possible? would that be possible? (this way radar DAO gets some treasury build up from Radar member NFT sales)
means more chance of you getting more nft sales as it stops becoming pro exclusive as such (people still need to buy your nft to play it if they want to) if they aren’t pro they need to buy Radar NFT to play it if they want too that way Radar wins in a way with a treasury build up in something other than Radar.
Also means you have to give away less NFT’s on your side as we cover are’s.
Tho obv a quest to say hay look this guys would be cool =)
Just another idea and or suggestion and a few more questions.
We could also make it so the poll ends on a Saturday shortly before quiz or shortly after quiz as well. (could pin it too the arena channel as well the poll its self? so people can see it automatically each week? when they open the channel?)
Makes sense. I think it’s fair to require your own Radar NFT in addition to ours in order for people to bet on Dappradar predictions. That way you can generate revenue from Radar NFT mints to recoup some of the value that is given away to the prize pools.
Hey @tj0x, thanks for your introductory post. It’s great to see you showcase your project, BetFolio! It sounds like there’s some great partnership opportunities available.
We love to see platforms leveraging DappRadar API data showcasing the potential applications. There’s clearly a fit here as more people get excited about web3 and the gamified predictions narrative.
We need to carefully consider the financial aspects, particularly the number of RADAR tokens proposed. As discussed by @madeafterdeath, making sure we spend funds proportionally is key. Understanding what the KPIs attached to receiving these funds would be important. An increase in the number of PRO users? An increase in the traffic for your BetFolio and DappRadar? Understanding your goals would help to align the funds the community provides.
It would also be great to know what the long-term goals of this platform is, what are the revenue generation models to ensure that it is sustainable, and an overall roadmap? That would help to see where and how the community could support BetFolio.
Additionally, madeafterdeath raised some valid points about the exclusivity and accessibility of these features. Providing exclusive content to our PRO members can drive the value of our PRO membership, we also need to balance this with inclusivity to ensure all community members have opportunities to participate and benefit. Perhaps we could structure this so that certain features are PRO-exclusive, while others are accessible to a broader audience? This might involve a tiered approach to how PRO and non-PRO users access and benefit from BetFolio’s features.
Lastly, the integration of NFTs into this ecosystem sounds promising, but we need to discuss more on how this aligns with our community goals and the logistics of managing such an integration. The PRO contracts and attached wallet addresses are available for anyone to see, so that does make integration easier.
Excited about the potential collab. And thanks for keeping the dialogue open so that other community members can provide feedback too.
I believe our goals are aligned in that we both aim to boost traffic and subscribers to our respective membership programs.
As for measuring KPIs, DappRadar could focus on the following 5 KPIs to determine token allocation, which we will help you track and report:
Number of Pro member wallets that place bets each week.
Number of new Pro member wallets (joined in the past week) that placed bets each week (meaning they most likely became a member to participate in the predictions).
Number of bets pro members place each week.
The amount of RADAR that the average Pro member wallet wins each week (this will give you a good sense of ROI from the members perspective).
Web traffic flowing from our site to your pro membership sign up page or general website.
On our side we will be tracking:
Number of BetFolio NFT mints each week from DappRadar PRO NFT holders
Number of bets placed by DappRadar NFT holders on other predictions not related to DappRadar.
Web traffic flowing from DappRadar website and social channels to BetFolio.
Long Term Goals
As for our long term goals, we aim to position BetFolio as the go-to platform for projects to foster community engagement, generate useful market insights and drive token demand through our ‘predict-to-earn’ model.
Community Engagement
Our approach is to craft predictions that incentivize users to dive deeper and engage with projects in the process of forecasting events related to that project. Whether it’s a data platform like DappRadar, a dapp, a news site, or even an influencer, our predictions are designed to encourage users to discover and learn more about the project or person with whom the prediction is about.
In the case of DappRadar, predictions that compare the future adoption metrics of different dapps incentivize users to explore dapps they may not have heard of and vote based on a combination of prior data on your platform and personal preference. DappRadar can turn these insights into valuable reports for investors, project owners and analysts to better understand where the market is showing interest.
As you alluded, the more accessible these predictions are, the more discussion they can drive within the community and the more valuable the data will be.
User Insights
Due to financial incentives, prediction markets often provide more accurate insights into the markets true opinions about different topics.
We aim to help projects unlock unbiased user insights and sentiment analysis. For example, a prediction market predicting a projects TVL, UAW or other fundamentals can reveal more about how the market perceives the projects potential than token price.
One example where we’re using predictions to gather user insights is in news/media. We recently launched a prediction for Bitcoin.com News in which we used Twitters API to pull engagement metrics for article posts, and crafted a prediction poll for readers to bet on which article will generate the most engagement in a week. This data is providing their editorial team with useful insights into how readers perceive article popularity based on topics or keywords.
As mentioned above, prediction results can unlock a wave of new insights for DappRadar to package into research reports.
Token Demand
As @madeafterdeath suggested, requiring users to hold a projects token or NFT to bet on predictions for that project will ensure that rewards are allocated to the people that support the project, while also introducing a new demand driver for the token.
Business Model
Today our business model is to charge a monthly fee in the form of our 30-day NFT pass to place bets on risk-free predictions. As more projects and individuals want to launch their own predictions, we plan to provide a paid service for constructing and promoting predictions (I.e; Predictions-as-a-service).
This model will encompass identifying both relevant and interesting events around a project that warrants speculation (and more importantly, encourages user engagement with the project), framing the prediction question and timeline, developing methods to track the various outcomes that can occur, and in certain cases, launching an NFT on the projects behalf to gate the prediction for only token holders.
We will charge projects a flat fee for this service plus a variable fee based on the estimated number of participants that bet on the prediction. I could see using DappRadar as a funnel to connect with dapps that wish to launch their own predictions.
Yes. We can structure this tiered approach by setting up some DappRadar predictions to require both a PRO member NFT and BetFolio NFT, while others only require 10k RADAR + 1 BetFolio NFT. We can allocate RADAR tokens to the prize pools accordingly. Predictions requiring both NFTs would have a larger prize pool than predictions only requiring RADAR + 1 NFT.
There could also be a more basic 3rd tier where users holding at least 1,000 RADAR + 1 BetFolio NFT can enter predictions. This tier would have the smallest prize pool or perhaps no prize of monetary value. Instead, winners could be rewarded with XP when they sign back into your platform.
Yes if your NFT is on polygon we can integrate it on our end using the contract address and make it work as an access pass for certain predictions.
Predictions-as-a-service sounds good, so you can receive a revenue source from both users and projects.
If the tier system is easy to implement on your side, then it sounds good. And I’m sure we can make a Quest about it on DappRadar Quests platform to create gamified incentives. This actually might be easy if you only have one-tier. Have you looked into this?
We could even do a marketing campaign where you can give (1-month) PRO NFTs as rewards so users can get a sample of the different PRO features and no-fee predictions.
Really liking this Proposal thus far. Before moving towards a Proposal, it would be great to get feedback from our Head of Finance on the DAO side @bayar regarding the requested funding and potential ROI with the KPI.
Yes we can implement the tiers on our end. My thought is that each quest would run for a week and focus on getting people to participate in a DappRadar prediction tournament.
The reward for quests could just be XP. However, the qualifications and rewards for entering and winning a prediction tournament could differ based on what tier the user falls into.
Here’s an example of the structure for quests, tournaments and corresponding prizes:
Tier 1: Hold PRO member NFT + 1 valid BetFolio NFT
Quest: Participate in T1 prediction tournament: 5 Dappradar predictions.
Quest Reward: 1,000 XP
Total Tournament Prize pool: $$$ RADAR.
Top 3 winners get 10k RADAR + 5k XP each.
Tier 2: Hold 10k RADAR + 1 valid BetFolio NFT
Quest: Participate in T2 prediction tournament: 5 Dappradar predictions.
Quest Reward: 500 XP
Total Tournament Prize pool: $$ RADAR.
Top 3 winners get a free PRO member NFT + 2,500 XP each.
Tier 3: Hold 1k RADAR + 1 valid BetFolio NFT
Quest: Participate in T3 prediction tournament: 5 Dappradar predictions.
Quest Reward: 250 XP
Total Prize pool: $ RADAR.
Top 3 winners get 1,000 XP each.
We could run these tiered weekly tournaments all at once (3 tournaments per week) or one each week in rotating order (e.g, tier 1-week 1, tier 2-week 2, tier 3-week3, etc).
These tournaments will primarily feature our predictions polls, where users have to vote on which Dapp within a blockchain ecosystem (e.g Solana dapps), within a category (e.g gaming) or out of all categories will achieve the most UAWs or highest volumes in a 1 week timeframe.
I believe this structure will allow you to most effectively allocate RADAR and measure weekly KPIs.
As for giveaways, we could do a separate weekly quest just for people to promote these tournaments. The reward for these quests could be a giveaway of a few PRO member and BetFolio NFTs to random users.
(shakes head) thats like 20 quests… 2500 xp nope thats like 10+ quests.
if its going to be a weekly thing xp should be like 150 xp for the tier 1 winners. + only 3 to get it
Tier 2 is 100 xp for the tier 2 + only 3 to get it
Tier 3 is 50 xp for the tier 3 + only 3 to get it.
if you have the XP to high your undermining the quests which with xp boosts like that 100% would undermine it.
So i think it should be lowered to the above types. (and even then that might get out of control don’t want the betters just winning the season leagues cuz they won predictions several times during a season)
I’m admittedly not as familiar with XP conversions so may have suggested too high of an amount to give away. After checking what gets a person on the leaderboard it makes sense to make the XP rewards for tournament winnings and quest completions a lot smaller.
u need to learn about the radar eco, quests, rewards, pro and what the radar token is worth, Xp, loads of stuff. i like this idea but again i don’t want it dominating the season league and i don’t want to be giving away too much radar but still make it worth playing.
Way it changed in the last bit 3 times a week ect its like a grab i wanna help but not at cost of radar or the season league. (1 prediction a week they have to make there prediction on a Saturday or Sunday (they have to own 1 of ur NFT and a Radar NFT for the bets hold two tickets (to qualify for the game) these will last a month which is 4 games if there is 1 a week (the predictions are groups and the winnings is split between people)
The prize can be radar (10k radar max per week split between winners) but we need other incentives? as well as the winnings will be split to them who predicted right the previous week (so next Sunday the winners of the prediction of the week is pulled and the winnings shared out between everyone with also a xp boost of 50) if we now wanna add benefits to pro its them on discord who are pro they get a bonus in the share of the winnings if they was right and playing the game they don’t need anything else other than holding them two NFTS and being pro on are discord. >.>
I know ur trying to get the best deal u can get and i feel the one i mentioned is the best one for both of us u get to sell nfts as well as us and people get to play a game if they want. and there is no last min entry’s so it turns fair.
Also it runs for 3 months thats 120,000 radar and possibly other incentives and if after them 3 months we can draw up other possible ideas maybe other people will have other suggestions ect so think about it. we might not be able to keep pumping radar into it if its not cost effective or suitable. if it proves to make radar treasury increase and increase user base and engagement then we can keep it but u have to keep that in mind. when ur thinking of all this.
Other wise we can do it this once and then possibly again in future. (say certain times in certain seasons) and that’s if it passes a vote. (if it don’t pass try again when u can lol see if it passes next time) chances are ill vote yes if i like the idea and plan.
I think that makes sense. So just to recap what you shared:
We can do 1 prediction a week: 4 per month for 3 months: 12 total.
Predictions start on Saturday or Sunday and end on the following Saturday or Sunday.
Qualifying criteria: Hold 1 Pro NFT + 1 BetFolio NFT.
Prize Pool: 10k RADAR per prediction. Winners receive an equal share of the 10k Radar prize pool plus 50 XP.
Total Radar budget: 120,000 Radar
This all sounds good to me. If we want to promote these predictions as quests we could also reward some XP just for participating in a prediction.
Happy to move things forward to the proposal stage if you all are in agreement.
