Limitless Labs, the research and development network behind prediction platform Limitless, has raised $3 million in a seed round led by 1confirmation, which also included Paper Ventures, Collider, Public Works, and luminaries like Peter Thiel and Marc Andreessen.
Expansion with New Features
The new funding will be used to develop Limitless’ platform and introduce new features to enhance the user experience. Limitless Labs plans to launch a decentralized social network that will allow users to create their own prediction markets. This will allow users to earn trading fees and build their own subgroups within the community.
According to Limitless CEO CJ Hetherington, user-driven marketplaces are already gaining popularity.
“Many of the most popular markets on our platform were not created by us,” Hetherington said. “They were created by members of our community, and that’s how they make money.”
The Prominent Approach in Prediction Markets
Unlike traditional prediction platforms, Limitless focuses on fast-deciding markets. Users make predictions on topics such as stock or cryptocurrency prices at the end of the day. This short-term focus is similar to zero-day options in the financial world. Fast turnover is attractive because users do not want to tie their money up in positions for a long time and it increases repeat interaction on the platform.
For example, the most traded markets recently included the possible arrest of Telegram founder Pavel Durov and the future of X (formerly Twitter) in Brazil. This strategy has also increased users’ loyalty to the platform. Recent data shows that 38% of new users return to the platform after their first week, indicating that the daily market format is gaining traction among investors.
Community-Driven Future
Founded in December 2023 by CJ Hetherington, Roman Mogylnyi, Dima Horshkov, and Rev Miller, Limitless Labs continues to grow with a focus on community-driven markets and fast-paced predictions. This approach puts the company in a unique position in the prediction markets space.
With the new funding and ambitious plans, Limitless Labs aims to reshape how prediction markets work and make them more dynamic and accessible to a wider audience.
Limitless Labs’ innovative approach could usher in a new era in the industry by encouraging users to take a more active role in prediction markets. Allowing users to create their own markets and focusing on fast-paced predictions could increase the platform’s growth and user engagement. This provides important clues about how prediction markets could shape up in the future. However, the CFTC’s war on prediction markets and the fact that many countries consider them illegal are among the main problems that need to be overcome.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
