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

[Botnake]

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.

That’s the risk, but I’m just wondering, if they ever do that, wouldn’t it have a negative impact on their platform? Their token represents Polymarket, so if insiders just dump for easy profit, it basically shows they’re not serious about the project. And this space is all about reputation… once that’s ruined, that’s the end of the business.

[MArsland]

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/

It wouldn't be surprising if Polymarket eventually released its own token. The platform has made millions of dollars so far, so a token launch as part of expanding its role in the crypto industry feels quite reasonable and predictable.
If Polymarket confirms the token then in the future you will be able to bet using the token as a native product that Polymarket owns or rather the Polymarket token is used for gasfee transactions within the ecosystem.

[Apocollapse]

Changing in what?

People will only participating the bounty/airdrop to get a share of POLY, after that they will forget what is actually Polymarket. It won't give any big effect to the current gambling niche, if people want to bet on polymarket, they would move to this site before waiting for their native token launched.

[Slow death]

Do you think this will change anything for us users?

For average users, nothing will change; it will only affect the wallets of those who decide to take the high risk of buying the token early and selling it as soon as it makes a high profit. But for many people who buy at the peak, it will result in high losses and they will lose confidence in investing in new tokens. Unfortunately, it has become common for companies to create tokens when they know that creating such a token is unnecessary; the only advantage is for the company owner, who gets rich quickly when they create the token.

[stadus]

If this helps them grow, then let it be. But when it comes to the investment side, that’s a different story because we’re gamblers and that doesn’t automatically make us investors. When we see these tokens being traded in exchanges with high volume, that usually shows they are legit. They will also try to protect their reputation because if they ever scam, the value of their token will collapse. You already know how people react when bad news comes out, everything drops fast.

[Crypt0Gore]

A token is not important, they should have run the platform this way without any tokens, how many casino tokens did well? Few of them pumped but they have all dumped heavily.

The market is not looking good for alternative coins right now, this polymarket coin will bring free money to many people at launch but later the same fate of similar coins will happen to it, we will never hear about the name of the token again.

If it happened that I get qualified for an airdrop I am selling right away and Binance listing is possible, there will be high liquidity for a short time only, the market right now is very bad.

[AmoreJaz]

If this helps them grow, then let it be. But when it comes to the investment side, that’s a different story because we’re gamblers and that doesn’t automatically make us investors. When we see these tokens being traded in exchanges with high volume, that usually shows they are legit. They will also try to protect their reputation because if they ever scam, the value of their token will collapse. You already know how people react when bad news comes out, everything drops fast.

That will be a very good motivation for them to really offer a token that will become valuable thru time. Because if they will just have a substandard services, do you think their token will also grow? I don't think so. So yes, if they will be serious in launching in their own, definitely their steps are well-thought of so as to provide an organic growth of their own token, which will be like their identity when it comes to crypto market.
If it flops in the market, it means, their business is signaling that they are about to exit. Because a very good platform will attract investors and so the token will increase in value thru time. But if they are not seeing progress, the investors will slowly die down their interest and move on to the next potential project. Just think of the thousand coins and tokens introduced, they are not so special to experience the drawback of eating the dust.

[Fiatless]

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.

The website the OP referenced said there might be an airdrop. And the qualification might include

-Being an active member of the platform’s official Discord community
-Betting on various events and buying shares
-Generating significant trading volume

When Intercontinental Exchange invested $2Billion in Polymarket, I suspected that Polymarket would diversify into many businesses to make profits.   

[bitbollo]

Its really interesting to see what It could be the impact in the long term.
Anyway tokens are not a "sure win" as we have seen with many failures. Good to see the air drop....

It would be interesting to see what will happens with other competitors...they have a "raw" P2P betting - exchange...
Pretty sure this could open the "missing innovation" we have not yet seen in the gambling industry.

[X-ray]

Poly token only impact those who is always betting on Polymarket. Are you supposing us to get the impact with the launch of polymarket while we're not actively gambling there.

I don't also the importance for the launch of Poly token. It's just the same token like what we have seen in the market.

That's only the way for the money to rotate from the retails to the VC who backed Polymarket.  

[suzanne5223]

Their decision could change everything about the platform service, either for good or bad, but what will happen after their creation own token will tell.

Meanwhile, I think what they are trying to do is to create their own platform token, just like we have seen some online casinos doing, but what's important is the functionality of the token, the concept behind its creation, and use cases, which make crypto enthusiasts who are into the gambling form of market prediction.

[Orpichukwu]

Every platform that's making a name and gaining popularity now thinks having their own token is the best thing to do, even when there is actually no need to create their own token. Like before, one of the reasons why projects create tokens is because of fundraising, and Polymarket already has billions raised in funding. If not greed, what exactly is the use for this token? Even if they say it will be used as the platform's official token, others can still play that role.

[Findingnemo]

Casinos tried this even before 2020 and I don't think most of them got any success at all. People using their platform is different from trusting them to make money, and I doubt this Polymarket case will be any different from the many failed crypto casino projects.

So what will be the impact on crypto? Nothing...

[salad daging]

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.

Moreover, Polymarket has a large funding so airdroppers or those who like to bet they will continue to perform betting activities here by reaching high volumes.

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.

Surely a bitcoin maximalist will not be interested in tokens/shitcoins.
The use of gambling tokens will not be much different from other casino tokens at the end of burning tokens to reduce supply.
Most of them will probably give out in the form of dividends, or betting using casino tokens can get benefits such as cashback or the like.

[OgNasty]

I've never actually used Polymarket because I am in the US and it isn't legal here yet.  I am however anxiously awaiting their approval in the United States so I can begin making some bets.  If they launch a token and users get handed a huge payout for using the site, that will definitely be a big bonus for crypto, as it would probably be enough money to move the needle as they say.  Unfortunately, I don't think US users will have enough time to be able to earn a big payout for the polymarket token.  It will still be nice to have access to the site eventually.

[r_victory]

It could be advantageous for those using the platform, as they could use the cryptocurrency itself to make their predictions; the integration could be an added convenience.

Perhaps it will become another valuable asset in the market, or it may have no impact at all, who knows? Let's wait and see; there's no official information yet. At least not from the sources mentioned...

[iv4n]

No official steps to qualify for the POLY airdrop have been announced. However, based on typical Web3 airdrop campaigns, participation is often the key.

Somehow, I am not surprised. Recently saw the news that ICE invested $2 billion, and now token... this can be very interesting. But I guess to be eligible for this airdrop, we will have to play & be active on the site, or maybe there will be some other options as well.

Well, I don't have an account, but maybe I will create one just because this token... I like casino tokens, and I guess this one can be one of the better ones.

[mikel_012]

It could be advantageous for those using the platform, as they could use the cryptocurrency itself to make their predictions; the integration could be an added convenience.

Perhaps it will become another valuable asset in the market, or it may have no impact at all, who knows? Let's wait and see; there's no official information yet. At least not from the sources mentioned...

What is more convenient than using stablecoin that is worth $1? I don't think a token like this is any convenient because the price goes up and down a lot

Better to use the token to give buybacks to the community or a revenue share, then the token can have some worth like its some stock

[r_victory]

What is more convenient than using stablecoin that is worth $1? I don't think a token like this is any convenient because the price goes up and down a lot

Better to use the token to give buybacks to the community or a revenue share, then the token can have some worth like its some stock

Some people prefer to bet with other cryptocurrencies instead of using a stablecoin (which I also find more viable). What explains someone betting using Bitcoin, given that it's an asset that's more profitable to hold than to spend? I think it's just a matter of preference, and a coin from the platform itself might be a good option in those cases.

[lionheart78]

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.

For me it is considered shitcoin because it was created to make a profit for the issuer, and is controlled by a centralized authority just like any other shitcoins out there.  Not because the issuer owns a billion-dollar platform means it will not be a shitcoins.

Anything that is created to profit from its users and not address real-life improvements can be considered shitcoins.  Shitcoins can be successful like any other shitcoins that reach the top 100 of CoinMarketCap, but it does not remove the fact that it is just another money-making token/coin of the issuer.  Even XRP is considered shitcoins by many members of this forum  .