NUSIC: Prediction markets

Twitter BetBot

Inspiration

NFT music is set to explode - whatever you think about 2021's crypto art boom there is no denying the popularization of NFTs has empowered a new generation of artists with brand new monetization opportunities. However, musicians have yet to fully benefit from NFTs, although there are indications that like visual art the music industry will be transformed by NFTs, the music industry is based on an opaque economic model that doesn't translate to crypto as immediately as digital art. Despite these challenges, multiple teams have recognized the opportunity for NFT music to deliver lasting change to the industry, and at least $100million in private investment has poured into NFT music companies in 2021.

A prediction market offers value to this nascent space by broadening engagement with NFT music projects; many drops are quite exclusive, either by being limited to a small number of participants despite high demand (3LAU's Worst Case drop is limited to 333 people) or due to an auction value that is not accessible to everyone (Doja Cat's drop sold for $188,888). A prediction market opens-up appeal for these events and doubles as a promotional vehicle creating more awareness of NFT music. As there are so many marketplaces across multiple ecosystems, a prediction market can serve as a focal point for NFT music, and unite music fans and traders in participating in the growth of this space.

What it does

In order to keep the user interface accessible we are introducing NUSIC: Prediction Markets as a twitter bot.

By simply replying to a tweet with the emoji representing the competition pool, the bot replies with an address representing the corresponding pool, the pool volume, implied probability and expected payout if they are to go ahead with the transaction. The user can complete the transaction by sending 1 SOL to the pool. The bot is set-up to tweet updates at regular intervals.

How we built it

Node.js - Acts as a backend to setup Solana programs deployment, Creation of NUSIC contests, tweets the contests using twitter api and makes Solana transactions for the contest winners.

Solana Programs - Stores all NUSIC contest information on chain

Challenges we ran into

Twitter API - Streaming rates are limited for Standard product track package that we are currently on, twitter doesn't allow replies after the rates and there will be a 15 minutes cool in period https://developer.twitter.com/en/docs/twitter-api/rate-limits#v2-limits. So the bot may not work during that 15 min period.

Solana Programs - Due to the account data on solana being static, we had to create pre-decided bytes space while setting up an account for our contest on chain data. This limits us in creating more contests on demand.