Soulbound Relaunches SocialFi Platform With Betting Feature Amid Prediction Market Boom

Decentralized streaming platform Soulbound has relaunched with a new design and interactive features, including real-time betting on live content as the decentralized prediction market segment ballooned 565%.

Soulbound has fast become one of the leading SocialFi (social finance) platforms in recent months due to its engaging and interactive offerings that attract streamers, gamers and cryptocurrency users alike.

With the relaunch, Soulbound is integrating StreamFi, where creators can earn Soulbucks (SBX), and GambleFi, which merges finance with real-time entertainment. Both features are expected to redefine the way content is monetized on live-streaming platforms.

Leveling the Playing Field for All through StreamFi

Soulbound is changing the livestreaming landscape with the entry of StreamFi, which challenges the playing field established by traditional Web2 platforms such as Twitch or YouTube which do not offer an equal payout system for content creators.

Not only does monetization take a long time to achieve, the views and follower threshold is often unfair for new creators who aren't established celebrities or well-known influencers.

With Soulbound, monetization happens in real time. From day one, streamers can immediately start earning since the platform pays in its native SBX token. Payouts are based on views, interactions, and other engagement metrics, offering a more equal playing field for all.

Ushering In a New Era of Engagement

While the StreamFi feature is already groundbreaking in itself, Soulbound's new prediction feature is the bigger story in the platform's relaunch.

GambleFi, where users can bet on in-stream events such as an artist's progress, a gamer's next move, or the outcomes of live matches, was designed to provide users with a new level of engagement in live-streaming.

The said system will allow for the creation of a transparent streaming ecosystem where even viewers can have potential reward opportunities as they engage while watching live streams.

"Soulbound will leverage decentralized oracles to ensure the accuracy of betting predictions and use smart contracts to manage payouts. This will allow viewers to access and withdraw their payouts instantly without any unnecessary fees or wait times," the team said in a press release shared with International Business Times.

Platform models such as that of GambleFi that rewards users for their engagement, is expected to prompt viewers to stay loyal to specific platforms instead of move across different entertainment channels in the decentralized finance space.

Driven by the growing influence of prediction markets such as Polymarket, especially with the nearing U.S. elections, the decentralized prediction market has boomed significant in recent months.

"The surge in prediction market activity is undeniable," Soulbound co-founder Casey Grooms told IBT. Citing data from CoinGecko's 2024 Q3 Crypto Industry Report, he noted how it was revealed that the prediction market expanded by 565.4% during the third quarter alone, with betting volume surging by 713%.

"Soulbound's integration of prediction markets through GambleFi taps into this expanding market while offering creators and viewers a new level of interactivity," Grooms said.

An Upcoming Telegram dApp to Further Boost Audience Interaction

Soulbound has had a huge year, but it is looking to end 2024 with a bang. The platform intends to introduce a Telegram dApp later this year to capitalize on Telegram's massive user base.

Through the Telegram dApp, Soulbound users can dive into real-time predictions and interactions on the go. The mobile integration will be especially beneficial for creators since it will offer a seamless way for growing their audiences and interacting with fans, further extending their reach beyond traditional platforms.