Polymarket, the well-known prediction marketplace, is now collaborating with the AI-powered search engine Perplexity. This partnership aims to elevate user experience by embedding advanced news summarization directly on the Polymarket platform.
Meanwhile, the prediction market continues to attract users amid the buzz of the US Presidential election.
How Will Polymarket Leverage Perplexity’s Artificial Intelligence (AI)?
When users select an event on Polymarket, they will be greeted with a concise summary of related news generated by Perplexity’s search technology. Additionally, users can now delve deeper by posing further questions through a dedicated search box, enhancing their engagement with current events.
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Furthermore, Polymarket is leveraging Perplexity’s Pages feature, which allows users to create and share customizable pages from search results. Perplexity will display these pages on its Discover page, increasing content visibility and fostering deeper connections between users of both platforms.
“When I first built Polymarket, I would tell people I was building the search engine for the future. [Now it is] coming to life,” Shayne Coplan, CEO of Polymarket said.
Meanwhile, Perplexity stands to gain significantly from this partnership by becoming a Polymarket application programming interface (API) customer. This collaboration is expected to generate considerable revenue from API calls as users engage with the integrated search and prediction features.
Amid this strategic alliance, Polymarket experiences skyrocketing growth. According to data from a Dune dashboard, Polymarket’s monthly volume reached a record high of over $387 million in July alone. Moreover, the platform’s user base is also expanding, with August set to surpass July’s record of 44,523 monthly traders.
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The hype surrounding the US Presidential election has significantly fueled this growth. Nearly $600 million has been wagered on the outcome of this election, highlighting Polymarket’s growing popularity in the decentralized prediction market space.
However, the platform has faced criticism regarding potential market manipulation. Crypto analyst Colin highlighted concerns on his social media, noting the fluctuating predictions for Presidential candidates.
“I’m seeing all over my timeline that Polymarket is showing Kamala Harris leading Donald Trump by 6%. But how much money does it take to sway these prediction markets? Not much. $600,000 is all it takes to put Trump ahead of Kamala. There’s a lot of slippage, and low liquidity in these markets,” Colin said.
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