A casual interaction with Wallfair CEO, Sebastian Diemer, on his motivation and plans for Wallfair.
Wallfair aims to revolutionise how social event trading operates by providing content creators and influencers a platform to stream live feeds and create live events for their audience. And its claim to challenge the ‘casino always wins’ status quo highlights how Wallfair intends to democratise social event trading and online betting.
We sat down with Sebastian Diemer, CEO of Wallfair, to understand his vision, motivation behind Wallfair, and future plans, but before we jump into the discussion, here is a quick glimpse at how Sebastian has been involved with cutting-edge startups for almost a decade.
Sebastian Diemer is a fintech veteran, having built several multi-million dollar fintech businesses, including Kreditech and Finiata, with a history of building companies that address root-level consumer problems. Kreditech addresses the gaps in current credit-rating models traditional financial institutions use to analyze their consumers’ creditworthiness, whereas Finiata is a leader in invoice factoring in Germany that targets freelancers, small businesses, and startups.
Wallfair is Sebastian’s latest venture that aims to redefine the traditional betting industry while utilising blockchain technology to push the envelope further in the evolving online event trading landscape.
Let’s start our discussion with Sebastian.
Hello Sebastian, it’s great to have you here. Can you define Wallfair in a single sentence?
It’s a pleasure and thanks for having me here.
We’re a blockchain-based betting platform that allows everybody to create or trade on user-generated events or games with our own cryptocurrency, the WFAIR token.
Cool! And tell me, why did you start Wallfair, what was the motivation there?
I wrote my dissertation on prediction markets at the London School of Economics. I was fascinated by the idea of making every future event tradeable. Why limit this to forecasting company cash flows in the form of stocks or sports events? Why not give every human being the ability to create their own bets in the same way youtube has allowed content creators to create and publish their own content?
Fast forward 12 years and I’m bored by the pandemic and I obviously see how much Blockchain and Cryptocurrency is the game-changer so similar to youtube being an impossible idea when server capacity isn’t sufficient (some of you might remember the days of 10min downloading a song from Napster), a decentralized network of nodes and servers and projects’ own cryptocurrency that allows our vision to become reality.
My vision has always been to build a mainstream product that is simple and fun to use for the average user, not just the crypto world.
Why is Wallfair different from other Prediction Markets?
Trading the future and gambling are basic human needs and one of the oldest businesses in the history of modern society. Unfortunately, this industry is completely centralized, unfair and lacks transparency. For the very same reason in banking, bitcoin was invented: to give people a decentralized, fair and transparent way of cutting out middlemen for storing or sending value. We are different in two main ways:
Firstly, we cut out the middleman, the greedy bookie, and build a decentralized betting platform that is owned, run and controlled by our community. This means our players themselves create the bets and define the quality of events on our platform.
You know what they say: the house always wins. So with Wallfair, we just make the player the house.
Secondly, we want to take trading and gambling to a new era for giving expanded betting options to our players. In fact, we believe that betting should be mobile-first, live stream based and interactive.
What is the connection between Wallfair and $WFAIR Token?
Wallfair is the platform running the smart contracts, which are built on the Polygon blockchain network. This sets the rules on how events are created, how market makers work, quotas are calculated and much more in terms of security features for our players.
WFAIR token is the “casino chip” that is used as the only currency on the platform. The more users join Wallfair, the higher the value of WFAIR tokens goes. Our token has started trading publicly on Uniswap from October 12 onwards. We are planning to release the real-money version within the next 2 quarters.
Where do you see Wallfair in 5 years?
We have set a new user experience with the best practices in gambling, especially when it comes to simplicity, entertainment and decentralization. Like Amazon or Netflix, we are talking about a new era in customer experience that will make “old” betting platforms look like a DVD rental store.
Disrupting into an 800 billion USD industry, and even if we manage to disrupt a minimum of 1% in this industry, which would make us one of the most successful crypto projects in market cap (8 billion) and token price (8 EUR), that is exponential.
Wallfair Latest News
Wallfair has finished its IDO on October 12, followed by the listing of WFAIR token on Uniswap. The startup is working on launching the play-money version of its platform in the coming weeks.
Wallfair is a social event trading platform that democratizes the creative economy, enabling real-time speculation on live events using an in-game token. With a distinct focus on socially engaging, fast-paced and immersive experiences, Wallfair takes watching live events to the next level by enabling the audience to seamlessly trade and profit from speculation markets. In essence, our ecosystem is designed to give creators more ways to monetize their content while increasing their audience and community engagement.