Polymarket Teams Up with Perplexity to Provide Enhanced News Summaries in Prediction Marketplace

Polymarket Teams Up with Perplexity for Enhanced News Summaries

Polymarket, the innovative prediction marketplace where users can wager on real-world events, is joining forces with the AI-driven search engine Perplexity to provide users with dynamic news summaries related to specific events.

When users click on an event within Polymarket, they will now be greeted with a concise summary of relevant news sourced from Perplexity's search results. An interactive search box will also be available, enabling users to delve deeper and ask additional questions.

In another exciting development, Polymarket will feature a dedicated column on Perplexity’s Discover page, leveraging Perplexity’s Pages feature, which allows users to create shareable content from search results. Perplexity plans to explore further partnerships to enrich its Discover section with diverse content.

Additionally, Perplexity will incorporate insights from Polymarket, such as election trends, to enhance its visual answers. These visual elements will be created using the AI platform Tako, providing users with more engaging and informative responses.

“Polymarket has emerged as a trusted source for high-quality information in an increasingly chaotic information landscape. Our alignment with Perplexity, which shares our mission, makes this partnership perfectly complementary,” stated Shayne Coplan, founder and CEO of Polymarket, in an email.

This collaboration follows another recent partnership in which Polymarket allowed Substack writers to integrate prediction data into their articles. Furthermore, Polymarket has launched its own Substack newsletter named Oracle.

For Perplexity, Polymarket will serve as an API customer, generating revenue through API calls from users interested in events and inquiries on the prediction marketplace. Dmitry Shevelenko, Chief Business Officer at Perplexity, emphasized that while the company mainly targets consumers and knowledge workers in enterprises, there is a growing trend of developers utilizing the Perplexity API.

“Our primary focus is on consumers, but the adoption of our API is expanding, with over 25,000 developers currently engaged. We offer a distinct solution that aggregates answers from various internet sources,” Shevelenko noted. “We view our API as a stepping stone to brand growth rather than the ultimate goal.”

Shevelenko added that Perplexity’s API is also being utilized by publishers to enhance article searching capabilities on their platforms, and by banks needing efficient Know Your Customer (KYC) compliance, as well as marketing and financial services seeking timely information.

Despite criticism regarding accusations of plagiarism and web scraping, Perplexity is committed to addressing these concerns by prominently displaying citations and engaging in ad revenue-sharing initiatives with media partners. While specific engagement metrics for source clicks on search results were not disclosed, Shevelenko mentioned this figure is in the "double-digit percentage" range.

Backed by prominent investors like NEA, IVP, Sequoia, and Jeff Bezos, Perplexity recently secured $63 million in funding, attaining a valuation of $1 billion. Following this, the startup is aiming to raise an additional $250 million, with a projected valuation between $2.5 billion and $3 billion.