First it was stablecoins. Then it was the metaverse. Now it’s prediction markets.
Meta’s CEO has reportedly supported the creation of an app that’s internally dubbed “Arena,” prompting a small number of workers to create a platform that enables people to make predictions on events using points as opposed to real-world cash.
With millions of users spread across social media networks like Facebook and Instagram, Meta is hoping that its massive customer base can fuel the adoption of its prediction market, the outlet reported, citing two employees with knowledge of the matter.
Meta has tried to establish a prediction market before, notably Forecast. Released in 2020, the app, which allowed people to forecast what the future would look like as the pandemic-era crypto boom took shape, was shuttered roughly two years later.
