Mark Zuckerberg Directs Meta to Develop Prediction Market Application, Internally Referred to as 'Arena'

BlockBeats News, June 24th - According to The New York Times, the prediction market platforms Polymarket and Kalshi have become one of the fastest-growing platforms on the internet, where users can predict the outcomes of various events, from the Super Bowl result to the length of the U.S. President's State of the Union address. Now, Mark Zuckerberg has also taken note of this trend and hopes to enter this field.

According to two informed sources, Meta's CEO Mark Zuckerberg has recently assembled a small team to develop a smartphone app similar to Polymarket and Kalshi. However, users will not initially use real money for betting, and the app may use a points system similar to that of video games for predictions and rankings. Nevertheless, the company has not ruled out the possibility of introducing real betting in the future.

This app, internally referred to as "Arena," will operate independently from Meta's existing social products, including Facebook, Instagram, WhatsApp, and Messenger. Insiders say Meta plans to leverage its massive social network user base to drive traffic to Arena and promote user adoption of the product.

Internal sources state that the project is still in the experimental stage but has been listed as one of the company's key projects. This move is also part of Zuckerberg's efforts to explore new forms of social interaction and product innovation. Currently, Meta's suite of apps has a total of over 3.56 billion daily active users, and the market is beginning to question whether the user growth of its core social platforms is nearing saturation.

Meta Platforms (META.O) is also working on developing an app called Meta Photos, which will utilize artificial intelligence to create a new type of media.