Prediction Markets Gamification Gone Wrong - I Upgraded My Fore Protocol Validator NFT Until Was Wrongly Burned!

7 months ago

Our world is people-powered, and centralized entities are increasingly utilizing people’s behavior and activity to problem-solve, predict outcomes, and generate revenue. But while the power of people has been realized, it is rarely rewarded.

FORE Protocol has created a tokenized incentive economy to mobilize and reward the wisdom of the crowd to problem-solve at scale. On top of that... the protocol focused on gamifying decentralized predictions to bring “play-to-earn” to betting by tapping into these innate needs.

Why I've grown fond of Fore Protocol? Because they have a top team, deployed a top prediction markets protocol, they are using UMA's Optimistic Oracle as a way to solve disputes... and $FORE has a synergy that makes me feel good about the token's future!

The $FORE token has hyper-deflationary nature! The token's role is to be the web3 solution that remove friction from real-world industries like prediction markets, oracles, auditing services, and more!

The community is put at the heart of the project, and events are constantly organized for the entertainment of the users. The rewards are always sweet and I usually climb the leaderboards into the prize places. I won 900 $FORE in their last Zealy sprint... and decided not to lose them on silly predictions.

You can use $FORE to create markets and be paid out in FORE. However, this includes risks and every single time I grew up a nice pot... I lost it when I got greedy. However, the whole ecosystem is in synergy! I decided to use my $FORE to mint my Analyst NFT and validate markets! Boom... minted token ID #473!

Analysts on FORE Predict will all start with a Blue NFT with the same power, and are able to level up to three subsequent tiers through consecutive successful validations: Silver, Gold, and Black. Each higher tier has a multiplier effect that increases earning potential per validation.

The $FORE token maximum supply is capped at 1 Billion FORE, although the circulating supply will never come near that due to its deflationary nature. A portion of all FORE tokens utilized on the protocol is removed from circulation forever! The burning mechanism was implemented to markets and for NFT minting, with 1000 $FORE being burned with every Analyst NFT minted!

While there is a clear financial incentive for Analysts to successfully validate in order to increase their NFT tier for higher rewards, this structure has been found to increase engagement. The users in tiered programs are driven to retain this social lead over their peers in an effort to maintain a consistent image of themselves.

I started validating markets, and play with the extra $FORE I've had. I said above that playing to win has risks, and always ends with a loss. I've gone above 1000 $FORE and was thinking to mint a second NFT, but I've made a bad bed instead.

On the validation side, I kept adding the earned $FORE for validating power. I made my NFT stronger, and eligible for better rewards. I upgraded my NFT after five validations, minting a Silver NFT as replacement for the blue one.

The FORE locked in the NFT had 1,103 power, but the multiplier power reached 1,324. The new tier will allow me to validate markets with bigger reward pots, and earn more from them.

It got harder to validate markets, as the competitive environment makes us hunt markets. I started to set alarms on my phone few minutes before a market will become available for validation, and I finally managed to use the Silver NFT.

Earned 26.49 $FORE from the first validation at this tier, and I will work hard to reach the 15 required for the Gold upgrade. I plan to add the earned tokens for more validation power... and the Black NFT is the final target!

Unfortunatelly this will not happen... as the system is broken! I validated the 5th game of an NBA duel correctly, but someone with a higher power validated the same market wrong. I wasn't around during the dispute window so the wrong outcome was considered correct and my NFT was burned. It was stressful enough to make me rage quit and promise that I will never ever visit Fore again!