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Home»ALTCOIN NEWS»Why Polymarket Will Remain Relevant After US Elections, According to Animoca Brand
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Why Polymarket Will Remain Relevant After US Elections, According to Animoca Brand

By Crypto FlexsNovember 6, 20243 Mins Read
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Why Polymarket Will Remain Relevant After US Elections, According to Animoca Brand
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  • Animoca Brands asserted that Polymarket will remain relevant even after the US election.
  • The VC’s claims are based on user activity on the platform.
  • Polymarket is taking steps for the future.

As Election Day approaches in the United States, several issues remain unresolved. Among them is the staying power of Polymarket, the cryptocurrency’s 2024 breakout sensation.

Polygon-based prediction markets have emerged into the mainstream consciousness in recent months as election markets have become a source of insight into changes in sentiment surrounding presidential polls. But with the election now well underway and expected to conclude soon, will the platform be able to remain relevant? Gaming-focused VC Animoca Brands believes so.

variety of activities

Animoca Brands claimed in a recent report that Polymarket will remain relevant even after the US elections. The company makes this claim despite acknowledging that the platform’s election market is a key driver of interest and trading volume on the platform. For context, election speculation on the platform increased monthly trading volume from $40 million to $2.5 billion and open interest from $20 million to $400 million.

Animoca Brands’ main argument for Polymarket’s continued relevance after the election lies in user activity on the platform. According to the company, of the 327,000 users with active positions, only about 80,000 bet exclusively on the U.S. election, while the remaining 247,000 (about 75%) had a diversified portfolio.

"This substantial engagement in non-election markets suggests a lasting user interest that may sustain the platform's growth and relevance even after the election cycle ends," Animoca Brands asserted.

Animoca Brands argued that more than elections, Polymarket’s long-term trajectory depends on its strategic positioning.

"In the long term, Polymarket's growth will depend on deftly navigating its market positioning, content strategy, and regulatory landscape. As the platform's popularity grows, so will public scrutiny and competition from traditional and web3 platforms. To fully leverage its visibility and influence, the Polymarket team must make strategic choices to strengthen its position without losing the public interest it has cultivated," the report submitted.

Interestingly, Polymarket already appears to be taking steps to strengthen its future.

Polymarket seeks new funding with Mulls Token

In September 2024, Polymarket was reported to be considering raising $50 million in additional funding and launching a token “to allow users to verify the results of real-world events.”

At the time, Cinneamhain Ventures partner Adam Cochran took steps to help the company secure its future through the next election cycle.

"While I think Polymarket can find more footing, their big volume driver is the presidential election and nothing else comes close. They want to secure runway during the hype to build and weather 4 years," he wrote.

For more information about Polymarket, see:
PolyMarket gamblers all get involved ahead of Trump-Harris election

See how analysts think the results of the ongoing US election will impact the cryptocurrency market.
The 2024 US elections are finally here: Here’s what to expect from cryptocurrencies.

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