Elon Musk’s social platform X has announced a partnership with Polymarket, a blockchain-based prediction platform. The new approach means that people can now share their ideas and forecasts on major social networks using decentralized prediction systems. Now, Polymarket is the official crypto prediction market partner for X, which could change the usual way forecasts and public sentiment are shared.
Today, X publicly shared that it is planning to combine decentralized tools with the standard features of prominent social media companies. This partnership may allow people to use market information to react to news and predictions about political, financial, and cultural events.
Musk Supports Effective Financial Forecasting Tools
Musk has stated that prediction markets are more accurate at displaying the public’s thoughts than polls used by the media. In a post before the 2024 presidential elections, he pointed out that prediction markets use actual money, so they can be trusted more than other predictions.
While the election was ongoing, most Polymarket users thought that Donald Trump would win. Details released by Chainalysis revealed that a French individual who placed wagers on the Trump-Harris contest, in particular, made nearly $80 million.
Platform Growth and Vision for Information Markets
Using cryptocurrency, Polymarket users can make predictions about real-world outcomes. This year, in April, the platform added over 7,000 markets, more than a 20% rise compared to the previous month. A large part of the increase was due to people’s greater attention to the U.S. presidential election.
Even though the platform had more than 450,000 people using it in January, activity has now decreased. Even so, the company remains dedicated to a future where forecasting markets are vital parts of online information sharing. Polymarket highlighted that the X partnership marks a change toward becoming more transparent and relying on data in online discussions.
