How to Create a Market
Discover how to create and manage your own markets on FORE Predict. Our step-by-step guide will walk you through the process, from setting up your market to optimizing it for success.
Last updated
Discover how to create and manage your own markets on FORE Predict. Our step-by-step guide will walk you through the process, from setting up your market to optimizing it for success.
Last updated
Market creators are protocol users that create engaging and distinctive prediction markets in order to encourage new engagement on the protocol. Market creators are incentivized by a percentage of the total market payout: earnings will increase with greater liquidity of their markets.
Earnings dynamically adjust to market interest and participation, so it’s in your best interest to “market your markets” to gain additional participants. Our goal is to make it easy for anyone, even those who have never created a market before, to create scalable and unique markets. If you're a creator, you have the power to shape your market in whatever way you see fit and be rewarded with a percentage of the total market payout.
Enhance your understanding of "How to Create a Market" by watching our video tutorial - simply click here to get started.
Step-by-step guide on how to create a market on FORE.
Step 1: From the Player section of the home page, click "Creator" or you can click the "Creator" tab found on the top left corner of the screen (See image below).
Step 2: Fill in the required details to “create a market.”
CREATE A MARKET: Input the title of your market.
As a market creator, the greater the participation in your market the more rewards you earn, so it's important to make sure the market title is as clear as possible. Include timeframes and dates whenever possible, and make sure these lines up with the entries below.
At the time of market creation, the creator can express their predictions by contributing to either side of that market. The market prompt should be written such that the answer is "yes or no" and in a manner that is not ambiguous.
Example (Sports about UEFA Champions League match):
“Will Rangers win against Liverpool in the UEFA Champions League match on 4 October 2022?”
2. DESCRIPTION: Fill in the market description (optional)
Include a description to provide participants with additional information about your market, allowing them to make the most informed decision possible.
3. CATEGORY: Select market category
Choose from a pre-populated list of sectors from the drop-down menu to allow players to view your market alongside other markets in the same category.
Example: Sports
4. ADD TAGS: Input tags applicable to your market
More accurate tags increase your market's discoverability and visibility beyond the broader category. Add relevant tags such as #Rangers #UEFA and #Football to help users find your market among other similar markets.
5. A. MARKET CLOSE TIME: Time the event or game starts
This is the time we close the market for additional player contribution. If you are creating a market on a UEFA Champions League match, you should set this to the time the game starts (in your local time zone).
B. START VALIDATION TIME: Time the event or game ends
This is the time verification will start. Validation start MUST be after the prediction end time. You can set the start of validation to the time the game or event will end (in your local time zone). The validation window closes after 12 hours or until the necessary number of validations has been reached.
6. VALIDATION SOURCE: Provide Analysts with a verifiable source where they can find the outcome of the market once closed.
This is optional but providing this link will typically result in faster validation (and faster payouts). Use https:// (with the s) for the validation source to be valid.
Example: https://www.uefa.com
Step 3: MARKET LIQUIDITY (set initial odds): Take a position in your own market (optional).
As a creator, you can either place 100% of your FORE on a single outcome or weight it. Providing initial liquidity to the market is optional but will increase your chance of others participating in your market. The initial odds are set at 1:1, but you can tailor this to determine the market's starting odds. The outcomes are currently limited to YES/NO, but we will introduce more options in the future.
Step 4: Review all market data and click "CREATE MARKET" to confirm the transaction. Ensure all the input fields are filled, otherwise, you’ll get an error message.
Step 5: Users must hold FORE and ETH on the Arbitrum network to proceed and must 'approve' spending before initiating market creation.
In your wallet, you’ll be prompted with a transaction value equal to the amount of liquidity setup for that market. Proceed to confirm the transaction. This indicates that you intend to send the transaction to the blockchain.
Example: In MetaMask, Click ‘Confirm’.
Step 6: You will be prompted with a message that you have successfully created a market. Click 'Track all markets in your portfolio' to see an overview of markets you’ve created.
Your market is created and ready for participation! Players will now be able to participate in your market. Click the relevant buttons to share the link on your social channels.
