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Tezzbuzz Desk- Meta is once again in discussion in the tech world. According to reports, the company is working on a new prediction market app, named ‘Arena’ It is being told. It is believed that this app can compete with platforms like Polymarket and Kalshi in future.

What is Meta’s new ‘Arena’ app?

According to reports, Meta is working on a mobile app where users will be able to predict upcoming events. In the initial phase, it is being prepared as a game-like prediction platform.

In this app, users will be able to make their predictions on events to elections, sports, entertainment and technology and move forward based on their performance.

Focus on gamification, real money will not start

Initially, the app is likely to be launched as a completely gamified experience, where users will have the opportunity to progress through points, rankings and digital rewards. However, reports also say that predictions or betting features to real money can be added in the future.

Meta will promote from its big platforms

‘Arena’ could be offered as a standalone app and Meta could use its large social media ecosystem to promote it. This may include platforms like Facebook, Instagram, WhatsApp and Messenger.

Meta has tried this before also

This is not the first time Meta is taking steps in this direction. Earlier in the year 2020, the company had launched a prediction app named ‘Forecast’, in which users could make predictions on different events. However, this app did not become very popular and it was discontinued in the year 2022.

Prediction market is growing rapidly

Prediction markets have become increasingly popular in the last few years. Platforms like Polymarket and Kalshi are registering huge growth in this sector and according to reports, this market could be worth more than $130 billion by 2026.

Meta’s ‘Arena’ app is still in its early stages, but it clearly indicates that the company is trying to establish a strong hold in the growing world of prediction market. It will be interesting to see in the coming times how successful this new experiment is.