Meta is developing a prediction market app called ‘Arena’ as sector booms: NYT
Key takeaways
- The product would allow users to make forecasts about future events, ranging from politics and sports to entertainment and world affairs.
- The people described the product as both experimental and a top priority inside the company.
- The effort comes as prediction markets have gained unprecedented popularity following Polymarket’s breakout success during the 2024 U.S.
The product would allow users to make forecasts about future events, ranging from politics and sports to entertainment and world affairs. However, unlike traditional prediction market platforms such as Polymarket or Kalshi, users would likely rely on a video game-like points system instead of cash, the people said, although the company has not ruled out the eventual use of real-money betting.
The people described the product as both experimental and a top priority inside the company.
The effort comes as prediction markets have gained unprecedented popularity following Polymarket’s breakout success during the 2024 U.S. presidential election, when traders came to the crypto-based platform to place bets on electoral outcomes, driving billions of dollars in trading volume and elevating prediction markets into the mainstream political conversation.