Pop Culture Fans Now Have Their Own Kind of March Madness: Fame Project
Some people just aren’t into March Madness and they’re tired of throwing away $10 every year in the company office pool. Sport predictions have dominated the public’s interest and engagement for years, while pop culture has taken a backseat. According to the financial planning website Mint, it is estimated that more than $8 billion is wagered every year on the Super Bowl alone.
Pop culture fans are often outshined by sport fanatics because there are no competing teams for them to cheer on and form a collective. Yet pop culture is a prominent topic discussed throughout social media with some accounts solely dedicated to the subject. Surely they wouldn’t mind winning a few bucks on something a little more interesting, like pop culture, celebrities or even reality TV?
Fortunately, there’s now something called Fame Project, where pop culture experts can win money betting on events like whether Harvey Weinstein will get arrested this month, whether J. Lo and A-Rod will get engaged this year, when Khloe Kardashian will give birth or even where Amazon’s new headquarters will be built? The new wave of the future to make predictions while earning money has arrived through Fame Project.
So what is Fame Project and how does it work? Fame Project is a real-money prediction market, following the same guidelines as the well-known prediction markets for political events, PredictIt and Iowa Electronic Markets (IEM). But what is a prediction market? As early as 1988 prediction markets emerged and work to aggregate information and offer the “wisdom of the crowds.” The predictive analytics market size is on the rise and expected to grow from USD $4.56 Billion in 2017 to USD $12.41 Billion by 2022. Like PredictIt and IEM, Fame Project operates as a non-profit market with the goal of generating data and funding for research and educational purposes.
“Basically, Fame Project allows couch warriors to get in predictions, while making money at the same time,” said J.S. Wagner, co-founder of Fame Project. “Why should sports fans have all the fun when it comes to making money off predictions?”
Fame Project has only been around a few months, but it’s already gaining in popularity. In just the last two weeks, visitors to the Fameproject.org, have increased by 70%. Here’s how works: Trades on Fame project are made on the outcome of future events with contracts, whose share prices range from 1¢ to 99¢. Because shares eventually resolve to a value of 0¢ or 100¢, depending on whether the events occur, prices indicate the market’s belief about the chances of the events occurring.
For example, if a Fame Project user thought Amazon’s new headquarters was going to be built in Atlanta, they would purchase a share for $0.30. If they were correct, they would make $0.70 a share. So on a $10 investment, they would clear $7 ($0.70 x $10).
Fame Project is the only prediction market in the United States where participants trade real money on pop culture events and news. Not only is Fame Project an entertaining platform for users to profit from their accurate predictions, but it also helps fund research for educational purposes. As Fame Project evolves, it will continue to expand into more markets. Reality TV buffs will soon be able to predict the next winners in the Amazing Race, Top Chef and America’s Top Model. And for sports fans who would rather bets on something other than college basketball or whether a professional sports team wins or loses, Fame Project users can earn money predicting where National Football League and Major League Baseball free agents will land and whether Tiger Woods’ comeback will be successful. New Fame Project users are offered $10 of free trading money, so they begin trading immediately after registering at https://fameproject.org