Polymarket launching a token? What do you guys think the impact will be

[Ziskinberg]

I’ve seen a lot of talk here about Polymarket lately, and while checking around I found out they’re actually planning to roll out their own token and basically enter deeper into the crypto side. I’m not going into the details of how they’ll do it, I just want to hear opinions from fellow gamblers here.

Do you think this will change anything for us users?


https://coinmarketcap.com/currencies/polymarket/
https://bitpinas.com/learn-how-to-guides/polymarket-airdrop/

[Oshosondy]

What I read last about it like 2 months ago or a month and some weeks ago is that they first want to start providing prediction market for United States people before launching their token.

I am really waiting for the launch of the token so that I can buy and sell it when the price increase. The coin will only be like other shit coins as usual but I am sure it will first be pumped before it will be dumped.

[Ziskinberg]

I am really waiting for the launch of the token so that I can buy and sell it when the price increase. The coin will only be like other shit coins as usual but I am sure it will first be pumped before it will be dumped.

LOL… smart thing to do. But why do you think it’s a shitcoin? Isn’t it backed by a real platform that’s worth a billion? If that still counts as a shitcoin, then I’ll gladly take it as one for the reason I already mentioned.

[TryNinja]

Many people are farming on Polymarket with obvious plays in case there is a token for their users.

For example, many markets take some time to resolve and the ineffiency provides some free wins. Team A vs Team B, even after the game finishes you can bet on the winner team for a quick 0.5% profit on low liquidity before they actually pay up.

Could be an opportunity to earn a few bucks if the token actually launches.

[michellee]

It will be like other gambling tokens. We can't expect much if they can't offer more benefits to users. The thing they must be concerned is how to deliver benefits to their users. If the benefit is almost the same as that of other casinos, it will not attract more investor attention.

If users can make a profit from buy and sell the tokens, they will take the opportunity. Besides farming the token, they need another source of income to generate more profits. Other casinos offer those things so they must think of other interesting benefits to their investors.

[Johan van Der Walt]

Im definitely on the fence about it as obviously Polymarket is bigger enough that they can launch a token and there will be hype around it no matter what, but majority of the gambling related tokens normally dont end up doing anything special long-term.

For it to work I also feel like they have to give some meaningful perks, otherwise its just going to be a token that people only trade when it is pumping and forget about it when it is not.

But ultimately the launch of the token will create opportunities even if its only for the short-term

[julerz12]

I’ve seen a lot of talk here about Polymarket lately, and while checking around I found out they’re actually planning to roll out their own token and basically enter deeper into the crypto side. I’m not going into the details of how they’ll do it, I just want to hear opinions from fellow gamblers here.

Do you think this will change anything for us users?

Depends on how they launch it. If it's through a token sale, they could raise even more funds for their platform. If it's through an airdrop (which is what the rumors is all about) that could make a positive or negative impact on them. I have seen several projects and startups loss part of their community following a really bad airdrop launch. This usually happens when a lot of active users on the platform is excluded from the airdrop so, they need to do it right to avoid a bad reputation.
It would be nice to have more features to their planned token. Perhaps a staking/dividend feature, or giving token holders fee discounts, something that makes their token stand out from the rest of the common crypto-casino tokens nowadays.

[shinratensei_]

The release of Poly token gives nothing to us. I fully believe it's gonna be a usual PnD token. People are farming it just to dump it, then jumping to the new platforms that have not yet released the new token. That's how cycle is working.

[palle11]

I have long expected it but I don't think it will be as shit as most of the native tokens of casino coins and other low profile exchanges. If they become very big with the American prediction market and still get hyped globally in continuity, I think they can be sustained after getting pumped. Yes of course it will generate traffic and loads of investors will cash. They should be able to sustain the strength if they continue marketing because some countries are banning gambling and the people there are finding alternative partially with polymarket and they are the leading prediction market for now.

[un_rank]

Is there any casino token that has really been able to stay stable overtime and give returns to long term holders? Most that I know of have been pump and dumps or just failed out-rightly, with or without the actual casino going out of operation.

This is a prediction market but I expect the outcome to be very similar. But will still like to see how they enter the market and the amount of work put in to make it to make it successful particularly with the amount of casino tokens they have to understudy before going live.

- Jay -

[danherbias07]

I think the real question is how it will benefit the gamblers. In Binance, BNB was created for cheaper trading fees. So, how will they use their own coin, and what perks can it give to the gamblers? It's difficult to think what it will be because it is gambling. It's to take money and not give it back, and there are no options or features where we need cheaper fees.

It's a good thing that they want something new, but how they will market it will be tough work. There's a bad history of gambling coins/tokens. It doesn't click with investors and even the gamblers.

[purple_sparkles]

Let them try. I think this is their way of attracting funding for the development of the platform. And if it’s a gaming token, it’s essentially the same as casino chips in a brick-and-mortar casino, to play the game, you need chips, and you exchange them for money.It’s just extra steps, but as they say, those are the rules.

[giammangiato]

Taking nothing away from Polymaket, which is indeed a great reality, the token launch is obviously a commercial strategy, certainly for future investments (they will earn well with a good campaign).
As usual, these tokens have their own fast and easy earning power, but they can turn out to be a trap, so be careful how and especially when you invest.
In my opinion it will be yet another shitcoin, nothing more, nothing less.

[LFC_Bitcoin]

I personally wouldn’t buy it unless you are able to get some before launch because we all know how these things go. Devs and insiders own a large % of the supply before launch then when the coin/token eventually launches, they rug pull it in the first day or two and all the latecomers get rekt.

[Cointxz]

Im definitely on the fence about it as obviously Polymarket is bigger enough that they can launch a token and there will be hype around it no matter what, but majority of the gambling related tokens normally dont end up doing anything special long-term.

The difference is only few shares for the prediction market which Polymarket currently dominates. Their token will sure pump and have high valuations due to the demand but dump is inevitable in long run once competitors copy the same idea and launch their own token.

Betfury token pump hard before when they release their token since it’s still new on crypto casino market. It only dumps later when competitors copy the idea.

You will have a good profit if you will invest smart on their token.

[salad daging]

I had heard this news in early October about Polymarket launching the $POLY token.

People started farming there to increase trading/betting volume.

I am really waiting for the launch of the token so that I can buy and sell it when the price increase. The coin will only be like other shit coins as usual but I am sure it will first be pumped before it will be dumped.

LOL… smart thing to do. But why do you think it’s a shitcoin? Isn’t it backed by a real platform that’s worth a billion? If that still counts as a shitcoin, then I’ll gladly take it as one for the reason I already mentioned.

What will be the advantages of this $POLY token? Is there any cashback if you bet on it? Or other royalties?
As of yet, we don't know about the usecase of this $POLY token.

[hyudien]

I've heard about the $Poly launch plan for quite some time, but personally, I don't really know what the token's primary use is, aside from its potential use as a betting tool on Polymarket. It'll probably be like other casino tokens, or other junk coins that generate initial hype and then slowly fade away. But it's worth investing in, as early launches often offer good opportunities.

[ultrloa]

I had heard this news in early October about Polymarket launching the $POLY token.

People started farming there to increase trading/betting volume.

I read this news way back October to and lots of articles spreading towards POLY token launch https://coincentral.com/polymarket-confirms-token-launch-and-airdrop-plans-after-u-s-return/

Also I read this to prepare for their possible airdrop https://laikalabs.ai/en/blogs/the-poly-airdrop-playbook-how-to-position-yourself-for-a-potential-polymarket-token-reward

People really starting to farm there for thinking about earning huge share for their upcoming airdrop. Their token launch will be so huge since it gather lots of hype in crypto space, for sure lots of people wait for their next possible update.

[Free Market Capitalist]

What will be the advantages of this $POLY token? Is there any cashback if you bet on it? Or other royalties?
As of yet, we don't know about the usecase of this $POLY token.

If they want to do it right, they should at least implement some of the things you mention. I am a Bitcoin maximalist, which means I am not interested in shitcoins and tokens, but I see, for example, that the casino I advertise is giving advantages to regular players, and that is how I see it commented. I don't believe in speculating on the price of the token but some tokens might have use cases like that.

[Dr.Bitcoin_Strange]

What I think is that a new shitcoin is about to be launched, it's better if they just peg the token to another fiat currency so that it would be a stable token, otherwise the token will just dump over time and become the real shitcoin, and people will still prefer using other crypto that they have enabled on their platform. In my opinion, I just think it would be a stable coin.