Truemarkets Launches Prediction Market Platform

A new prediction market platform, Truemarkets, has officially launched after raising over $4 million through its public Oracle Patron NFT sale in November 2024. Notably, Vitalik Buterin minted 400 NFTs during this sale.

Truemarkets (TRUE) operates on the Base Layer 2 blockchain and functions similarly to Polymarket by aggregating breaking headlines across various topics such as politics and pop culture in real-time, thereby integrating real-world data into the on-chain ecosystem. Furthermore, the platform allows users to place bets on the outcomes of events, reflecting current public sentiments.

Participation and Token Mechanics

To enhance user engagement, Truemarkets incentivizes accurate predictions by creating a trading market for “YES” and “NO” tokens. Users can buy and sell these tokens for forecasting scenarios (e.g., Will Solana (SOL) ETFs be approved by the end of 2025?). The value of these tokens fluctuates based on market beliefs about the likelihood of each answer. Traders and liquidity providers actively buy/sell tokens, which in turn adjusts the token prices. Post-event, tokens that represent the correct answer can be redeemed for $1 each, while those that represent incorrect answers become worthless.

Financial Backing and Token Allocation

Truemarkets’ launch follows a successful fundraising effort where the company sold 15,071 Oracle Patron NFTs at 0.08 Ethereum (ETH) each. Vitalik Buterin, a notable figure in the crypto space, acquired 400 NFTs worth 32 ETH. For the upcoming airdrop, Truemarkets will allocate 40.03% of its total 100 million TRUE token supply to the Patron NFT holders. The TRUE token is designated to serve as a governance token.

Source: Truemarkets blog