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Trump Media and Technology Group (TMTG) is jumping headfirst into the prediction markets world with a brand new expansion that partners with Crypto.com to bring prediction markets directly to Truth Social users.
According to a press release from the company, Truth Social users who take advantage of this new predictions tool will “be able to trade prediction contracts related to major events and milestones, such as political elections, interest and inflation rate changes, commodity prices on gold and crude oil, events across all major sports leagues, and more…”
This new product, called “Truth Predict,” will provide real-time updates.
“Truth Predict will allow our loyal users to engage in prediction markets with a trusted network while harnessing our social media platform to provide totally unique ways for users to discuss and compare their predictions,” said TMTG Chairman and CEO Devin Nunes in a statement.
He continued, “With more than $3 billion in financial assets as of the end of the second quarter, and having posted our first quarter of positive operating cash flow after going public just last year, Trump Media is well-positioned to leverage our strong balance sheet and existing social media capabilities to create a new standard for access to prediction market platforms.”
Truth Predict appears reminiscent of prediction markets like Polymarket, which were enormously popular during the 2024 presidential election, and continue to be viewed, by some, as a more accurate way of gauging public interest in real-world events than traditional polling.
According to NerdWallet, prediction markets work by allowing people to bet on future events – things like election outcomes, sports games, or financial markets.
The “prediction contracts” discussed in TMTG’s press release are standard on prediction market platforms. Contracts must be purchased, and usually begin at $0.1 or more, per NerdWallet.
“Prediction markets are poised to be a multi-deca-billion dollar industry,” said CEO of Crypto.com Kris Marszalek.
Truth Social is a free-speech social media platform launched by former President Donald Trump in 2022 to combat widespread censorship on mainstream platforms like Twitter and Facebook. It has since become the president’s primary social media channel.
