Due to the benefits that technology unlocks, entrepreneurs are bringing some of the most innovative and creative startup ideas, which are getting an ample amount of support from the users. One such idea is a prediction market, known as Polymarket, and it is gaining a lot of traction from the users, becoming a center of attraction for entrepreneurs.
They want to know more about these platforms, what makes them a successful business idea, and how they can also create an app like Polymarket. This blog will answer all the queries an entrepreneur might have regarding Polymarket and everything related to creating an app like it.
What are prediction market platforms?
Before we head into the information about Polymarket, let’s understand a bit more about prediction market platforms. You can see these platforms a bit like betting platforms where people come together and vote for the future events. These events can be related to sports, politics, news, or any other events irrespective of any limitations on the event types.
A good recent example of such an event is the iPhone pricing prediction, where the users voted either yes or no. The more the people vote for yes, the more the price of a contract (event post) goes up and when an event comes out as a truth, then the voters are paid a specific amount. However, people can also sell their betting amount in between and these platforms are accessible online in mobile or web versions.
With the rise of crypto development companies, prediction market platforms implement smart contracts that execute automatically, making the complete experience smoother, transparent, and reliable for the users.
[Prefer Reading: Prediction Markets on the Polygon Blockchain Case Study]
Why is prediction market platform development the right choice for investment?
The prediction market platforms come out as a right choice for investment because these platforms deliver less of a betting experience and more of a social experience about the likelihood of an event happening.
If we look at the market size, then by the time we reach the end of this year, it is going to reach $17.50 billion, and in the next 10 years, it is going to cross $100 billion, where North America is going to be the leading region, having 50% of the total prediction market users. However, Asian regions not far behind contribute to 25% of the total users of prediction market platforms and slowly Europe is also catching up as the government is slowly making the restrictions easier for the new innovations and creative startup ideas.
And when more entrepreneurs partner with a custom blockchain development company with an idea associated with prediction market platforms, then Polymarket comes as the foremost reference, which we are about to talk about in the next section.
Understanding what a Polymarket app is and how it works
Now it is the time for us to talk about the Polymarket app, which is the world’s largest prediction market, and anyone planning to start a prediction market platform looks up to it for reference. The platform, mostly, uses news events from different industries, which makes it lucrative to the users who want to stay in discussion of news events with financial incentives involved.
There are more than half a million followers of Polymarket on the X (formerly Twitter) app and the Google Trends shows a very positive chart from all over the region, showing how popular this platform is.But, before you search for blockchain development services, it is important to also understand about the working of this platform.
Well, the platform lets users pick a Polymarket, which is divided into 15 categories, so everyone can find topics related to their interests. When they find a Polymarket, they can vote for either yes or no contracts, and they can fund the contract using cryptocurrencies (because the platform uses blockchain technology), credit cards, debit cards, or bank transfers, and that too without any limitations or fees.
The users who invested in a contract can sell it anytime, of course, until the market ends, when the platform automatically redeems $1 of shares to all the winners who voted yes.
What are the elements that make Polymarket a successful prediction market platform?
If you are wondering about the success of the Polymarket platform, then, as quoted by Yahoo Finance, the platform hits 94% accuracy for event prediction, which is exceptional for any platform and attracts a larger user base. Also, all the new markets (categories) the platform introduces get so much more attention, as reported by TheBlock, proving the success of the company. But what are the elements that are responsible for delivering massive success to the platform?
The UI is easy to navigate
The user experience has so much impact on the success of any platform, and Polymarket excels in terms of user experience. As soon as a user gets to the website, they are going to see everything in front of them, especially the latest contract cards that are in the most hype. Then all the categories stay on the top bar, helping users to find the Polymarket they are most interested in easily and quickly.
Flexible sign-up options
Another thing that matters to the users is how fast they can enter into a platform without entering a massive amount of personal details and two-factor authentication. On Polymarket, users can use or connect MetaMask, Coinbase Wallet, Phantom Model, and Google for an easy sign-up process and then deal in cryptocurrencies almost instantly.
Smooth Performance
When a platform is not smooth in performance, then no matter how good the UI is, the users will stop using the platform due to the lags and other issues. The performance of Polymarket stays smooth on the whole website because the choice of technologies (which we will talk about later) is right, and it seems that the platform has partnered with the right technology partner too.
Use of blockchain technology
As cryptocurrencies are involved, there comes the blockchain technology, and Polymarket has applied it efficiently throughout the user experience. The smart contract development services provider have made the contracts execute automatically as the event completes 100%, showing a smooth blockchain technology implementation.
Technologies that Polymarket uses (technical analysis of the platform)
Now, as we move to the final steps of development, there comes an important technology analysis that you should know because there are a lot of complexities in terms of technology that go into creating a Polymarket-like app.
UI technologies
For the core application development and user interface, the platform uses the Next.js and React.js frameworks that deliver static site generation for the best app experience delivery. There are some more JavaScript libraries that go into use, like jQuery, lodash, core.js, bluebird, and more, to further make the whole experience better for the users.
Web3 Technologies
Some of the web technologies that Polymarket uses are Magic SDK, which simplifies Web3 wallet creation; Alchemy API, which delivers power tools and infrastructure; and Reown, which supports on-chain development.
Performance and Content Delivery Networks
For delivering the best performance, the platform uses Cloudflare (used for optimizing web page delivery), CloudFront, Amazon S3, Cloudinary for image management and delivery, GStatic, and UnPKG.
Mobile compatibility
The platform makes sure that it opens on desktop browsers as well as mobile browsers without any design issues, as it is responsive across devices. And, not only this, the app behaves like a native application.
There are also technologies used for analytics, user behavior tracking, customer enhancement and support, and security, which further make the whole app experience a breeze for users.
Steps to build a predictive platform app like Polymarket
There are a few steps that you have to keep in mind if you are aiming to create an app like Polymarket, and if you follow them closely, you can expect a successful development of your own prediction platform.
Have a clear vision and strategy
Do not just rush by spending money to build the app or cloning the Polymarket platform without having a clear vision and strategy. Your idea should be yours and real, and must be solving problems that Polymarket might be lacking in. To identify your best bet:
- Conduct market research into your niche.
- Identify the target audience that will be active on your platform.
- Understand the legal and regulatory requirements that go into creating such a platform.
Design the core architecture of your app.
Although the design will be created by your technology partner, do not forget to have the core architecture in your mind. You should have an end picture of your platform in mind; then only you will be able to pick the design-related elements. And, in the core architecture, you can also pick the blockchain technology you want to go with, like Polygon, the language of your smart contract, and other real-world data you would like your platform to use.
Build your platform
Here, your app will go through a number of phases, starting with the front-end development, then the backend development, followed by extensive testing. Your app development partner will take care of this process, so you do not have to worry about the technicality of how to build the platform. However, keep following up so that you can deliver feedback if you would like to change anything anywhere.
Launch and post-launch strategy
When decentralized app development is complete and your platform is ready to go live, do not just sit and wait for the users to come and join your platform. You require a proper launch and post-launch marketing strategy that will help you spread your platform to your targeted audience. Also, focus on community building, like opening a subreddit, Discord community, or a group on Facebook so that your audience can connect and discuss topics related to your platform.
How can NetSet Software bring your dream vision of a Polymarket-like app to reality?
We at NetSet Software have been experts at creating digital solutions for nearly two decades now, and we have been at the forefront of blockchain app development, AI, and web 3.0 development with remote teams that are available for full-scale delivery. You can expect top-class services related to digital asset tokenization, private blockchain development, consultation, crypto wallet development, smart contract development, and a lot more.
All of our experts are professionals working on creating some of the most complex mobile and web apps, and you can rely on them completely to create your prediction market platforms with a promise of success.
FAQs
What are the primary business models that I can use in my prediction market platform?
Some primary business models that you can use for your prediction market platform are trading fees, market creation fees, and withdrawal fees.
How can I make my prediction platform different from Polymarket even if I am creating an app like it?
To create a market app that is unique in your own terms, you can go for different niche markets instead of copying and pasting the exact same niches. Then you can also deliver better features like live in-game betting and making the app more social for users.
What will be the best blockchain platform to use for my prediction market?
There are a lot of options available in the market, but if you want to go with one of the best ones, then you can go with Solana, which is lightning fast in transactions and has low fees. Then you also have the option to go with Polygon, and another option can be Avalanche, which is a good choice for scalability.
What are some legal considerations I should make while partnering with a crypto development company to develop my prediction market platform?
The legal considerations become important when you are building a prediction market platform, starting with jurisdiction, which can be different in every country. Then, a lot of regions require you to create specific gambling or financial licenses to operate such a platform legally, followed by proper KYC and anti-money laundering checks for the users.
How can I create a strong community for my platform that attracts more users?
For creating a strong community, you can start with early incentives where you reward first users as they join your platform. Then you can use the right platforms like Discord, Telegram, and X, which are very popular among the audience interested in blockchain technology. Finally, gamifying the experience can further make your whole platform a center of attraction among the audience, so discuss the same with your crypto exchange platform development company.
