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FORE is a people-powered prediction protocol. People create prediction markets, people participate in markets against each other, and people validate markets themselves. FORE is simply a set of smart contracts to facilitate the community creation, participation, and validation of markets for the first truly decentralized prediction platform.
As FORE is powered by people, we want to create a platform for our community members to share tips, best practice, and advice on how to make the most of the platform. FOREfather and seasoned Analyst Kevtam515 has created a guide on how to maximize your earnings as an Analyst.
FORE Predict offers a unique opportunity for analysts (validators) to earn a lucrative profit by simply confirming the results of a market outcome. It’s not quite ‘passive’ income in that you have to validate markets in order to earn rewards, but it’s a sustainable ‘nearly-passive income’ model that rewards analysts with a share of the platform fee for productive activity that is relatively straightforward. Importantly, FORE is a hyper-deflationary utility token and this model rewards Analysts without ever minting new tokens for rewards.
However, maximizing the potential value from this activity requires a strategic approach. As with any portfolio, building a portfolio of Analyst NFTs requires careful management to achieve optimal returns.
To get started, it's crucial to understand the mathematical principles involved to fully verify a market. Validation power needed per side is equal to the potential winning of that side. For example, suppose a market receives 10,000 FORE "yes" and 1,000 FORE "no" votes, making the total size of the market 11,000 FORE. In this case, validators must provide power equivalent to 11,000 FORE to account for the total market size. Understanding this principle is vital to maximizing your earning potential on FORE Predict.
Here are some tips to help you get the most out of your validation experience:
Tip#1: Mint Your NFTs Beforehand.
Plan ahead and budget for NFT minting before validating. It costs 1000 FORE to mint an NFT on FORE's NFT Marketplace, and you don't want to waste time during validation. You can mint as many NFTs as your amount of available FORE allows.
Tip#2: Utilize the Analyst Tab Filter.
Use the filter within the Analyst page to find the best opportunities to use your NFTs. Keep in mind that time is of the essence here, as the validation period is capped at 12 hours with a 4-hour dispute window. If the market you validated fails to reach 100% valuation status within this timeframe, your NFT will be stuck in that market for 16 hours. Utilizing the filter tab can help you identify the most favorable markets to validate, especially if you have a limited number of NFTs.
Selecting the appropriate market for your NFT can help you reduce your timeframe and increase your chances of earning more FORE. As per the equation mentioned above, an NFT with a power of 10,000 can be used to validate a market 100% by yourself, which would limit your timeframe to just a 4-hour dispute window. This will allow you to focus on searching for upcoming validations that fit within your timeframe.
Tip #3: Only Validate Valid Markets.
Not all markets are created equally. Some markets may have ambiguous market titles, subjective results, or incorrect prediction or validation times. Validating a poorly created or invalid market that is doomed for Dispute will result in your NFT being held for longer in a Dispute phase.
As you can see, the above market is impossible to validate because it cannot be answered with a clear-cut "yes" or "no,", and there is no reliable source to confirm the outcome. Avoid validating, participating in, and creating invalid markets!
Tip#4: Read and Re-read the Market Prompt and Data.
Once you have established the market is valid, make sure to fully read and understand the prediction and any stipulations outlined in the market creation before validating Yes or No. Once you confirm the transaction, it is locked in a smart contract, and it can no longer be changed. Choosing the wrong side can result in the loss of your hard-earned NFT power.
Tip#5: Be Aware of Validation Requirements.
Know what is required to bring a validation to completion. Don't waste a high-powered NFT on a low-powered market. Having a portfolio of NFTs with a varying degree of power is important to maximize your earning potential.
Tip#6: Power Up or Claim Rewards?
You can decide whether to power up or claim your FORE rewards immediately. Powering up can compound your rewards and increase the value (and earning potential) of your NFT, as higher-powered NFTs receive a greater share of the reward pool. Additionally, upgrading your NFT will add a multiplier effect to increase your earning potential further.
Tip#7: Regularly Check Your NFT Portfolio:
Look at the NFT tab within your Portfolio to see if you've met the required number of validations to upgrade tiers.
To achieve success as an analyst on FORE Predict, you must also stay up-to-date with the latest market trends and industry news. This will enable you to make informed predictions and validate markets with greater accuracy, thereby increasing your potential profits. Moreover, diversification is essential when building an NFT portfolio. Taking a strategic approach to portfolio management allows you to reap the benefits of the NFT market and achieve long-term success on the platform.
By following these essential tips, you can maximize your validation experience and earn more on FORE Predict.
Check out the following guides to help you get started:
How to Mint an NFT
How to Validate a Market
FORE Protocol, and FORE Predict, is powered by FORE token. FORE token will be available for trading on MEXC. FORE Predict's main net will be live following the completion of our security audit.
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