A new prediction market product has been launched by Polymarket in collaboration with Parcl. It provides fully transparent and data-driven predictions of housing prices to the market.
This implementation comes after an increased skepticism of prediction markets in the eyes of Congress. Lawmakers are also evaluating their roles in affecting financial and policy-based trades.
Polymarket Rolls Out Data-driven Housing Markets.
According to a joint statement by Parcl and Polymarket, the integration directly injects objective data into housing market settlement references. Parcl indices will be used by the markets to verify the outcomes in an auditable way. The companies say this as an easier way of giving opinions on the price of a house even if users do not own the property.
In the first phase of rollout, the partnership will aim at the large cities in the U.S and will move further as the demand increases. The announcement focuses on openness, standardized templates, and uniform resolutions across all listed market. Previously, Polymarket collaborated with MetaMask to gain more users to the prediction markets ecosystem and increase user adoption on both platforms.
Polymarket is making real estate a major new category in its ecosystem. The platform asserts that prediction markets can work best when there are no interpretation problems.
This is because results can be gathered and can be verified. Each listing has a resolution page in which the methodology is described, including the final amount of the settlement.
Is Prediction Markets Getting New Oversight?
The introduction of the new product comes at this time Congressman Ritchie Torres has presented a bill regarding prediction market activity in Washington. The conflicts of material non-public information are addressed by the proposed Public Integrity in Financial Prediction Markets Act.
Recent issues, such as a Polymarket trader profit from Nicolas Maduro arrest have led to insider scrutiny and heightened attention to transparency and conflict-of-interest protections. The bill would also prohibit federal officials and senior appointees from trading prediction contracts based on sensitive policies.
It also targets contracts associated with government activities or political results in platforms that carry out interstate trade. The proposal indicates the increasingly large interest in the intersection between prediction markets, governance and public trust. This discussion is running as parallel to the growth of prediction products aimed at consumers.
Source: https://coingape.com/crypto-platform-polymarket-launches-real-estate-markets-amid-congressional-scrutiny-on-prediction-markets/
