Meta developing prediction market app 'Arena' with points-based trading system, NYT reports
By
Davis Giangiulio
Summary
Meta CEO Mark Zuckerberg has directed staff to build a prediction market platform internally called "Arena," according to a New York Times report. Unlike competitors such as Polymarket that use real money, Arena would use a video-game style points system for trading on future events. The app would be separate from Meta's Instagram and Facebook platforms. The report caused shares of prediction market-related companies like Robinhood and Kalshi to fall.
Source
bskyMeta developing prediction market app 'Arena' with points-based trading system, NYT reportscnbc.comKey quotes
· 2 pulledTwo employees with knowledge of the plans said the app — referred to internally as 'Arena' — would be separate from Meta's social media platforms, Instagram and Facebook, the report said.
The Times added that the prediction market app would rely on a video-game style points system for trading, rather than actual money, in contrast to other prediction market platforms where traders wager money to speculate on future events.
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