Superbowl Prediction Market Goes Live on Derivatives Exchange, FTX
Cryptocurrency derivatives platform, FTX has listed the “National Football Conference Superbowl 2021” (NFC-SB-2021) contracts.
The annual championship game of the National Football league is played on the first Sunday in February which this time falls on Feb. 7.
FTX is now allowing people to bet on the future of this game.
Those residing in the US, Canada, the European Union, the UK, Singapore, the UAE, Cambodia, Turkey, mainland China, and Hong Kong SAR, among other prohibited jurisdictions, however, are not allowed to trade these contracts.
These futures contracts expire to $1 if a team in the National Football Conference (NFC) wins the 2021 Superbowl and $0 if a team in the American Football Conference (AFC) wins. If there is no winner by July 1, 2021, these contracts will expire at $0.50.
Both NFCWIN-SB-2021 and AFC-SB-2021 are ERC20 tokens that will be redeemable on FTX for either $1, $0, or $0.5 based on the results of the Superbowl. These spot tokens are tradeable on the platform.
Currently trading at a market price of 0.423, they have an open interest of 535 SUPERBOWL with a trading volume of $101 in the past 24 hours.
FTX continues to jump on the trends and bridge the gap between crypto and mainstream markets. So far it has listed Pre-IPO contracts of the likes of Coinbase and Airbnb, tokenized mainstream stocks like Tesla, Google, Netflix, and launched the prediction market of 2020 US Presidential.