# Market Phases

The lifecycle of each market is comprised of 5 phases:

**1). Creation Phase** *- market is brought into existence when a creator completes the market create form and submits the transaction to the blockchain. A mNFT object is received in return which can be used later to claim the market creator's reward.*

**2). Prediction phase** - players make predictions. Starts after the creation of a market and ends at the end time set by the creator of the market. 

**3). Verification phase** - *Analysts* verify the market. Starts at the time set by the creator of the market, ends after the `verificationPeriod` set in [Market Config](https://docs.foreprotocol.io/documentation/developers/smart-contracts/marketconfig). 

**4). Dispute phase** - dispute creator can create the dispute. It starts immediately after the verification phase ends. It ends after the `disputePeriod` set in the [MarketConfig](https://docs.foreprotocol.io/documentation/developers/smart-contracts/marketconfig) or when the dispute started. 

**5). Resolution phase** - resolving the dispute if exist, calculating, sending, and burning fees. Starts after the dispute phase. Ends after market closing or dispute resolving. 

*Once a market is closed and any related disputes are settled. This is the phase in which market participants can claim their respective rewards for their productive activity on the protocol.*