Copyright The Street
Yes, you heard it right: Elon Musk is a Polymarket user. But this is not the first time he has engaged with the platform. Polymarket, a decentralized prediction platform built on the Polygon blockchain, lets users trade shares on the outcomes of real-world events, from politics and technology to sports and pop culture. It uses market prices to reflect collective sentiment, offering data-driven forecasts while leveraging blockchain transparency for settlement and liquidity. While the Tesla and SpaceX CEO has never explicitly stated that he trades on the platform, he has shown his approval for Polymarket in multiple posts on X. In fact, his company X (previously Twitter) entered into a partnership with Polymarket on June 6 to provide data-driven insights and recommendations based on user activity on the social media platform. A long-standing connection with Polygon Just like Polymarket, Musk has indirectly interacted with Polygon, the blockchain on which Polymarket operates, in the past. In fact, as Polygon co-founder Sandeep Nailwal pointed out, Musk’s first nonfungible token (NFT) was minted on Polygon. The NFT dates back to 2021. The NFT was tied to Musk’s viral tweet: “I’m selling this song about NFTs as an NFT.” It was listed for over $1 million on Valuables, a decentralized application built on the Ethereum-compatible layer-2 network Polygon. Valuables enables users to tokenize, “autograph”, and sell tweets as NFTs. At one point, the highest bid reached 625 Ether (ETH), or around $1.1 million. That made it the second-most valuable tweet NFT on the platform, after Twitter co-founder Jack Dorsey’s tokenized first-ever tweet, which fetched bids of 1,630 ETH (about $2.5 million). However, Musk later backed out of selling the NFT. Scroll to Continue Recommended Articles More News: Guess who’s paying for Trump’s $300M ballroom ‘Black Swan’ trader books profit after Trump's decision Wall Street veteran drops major hint ahead of Trump's 3PM announcement Musk has a bet for Polymarket On Oct 29, a day after the launch of his Wikipedia alternative Grokipedia, Musk asked, "What are the Polymarket odds on that?" referring to his prediction that Grokipedia will exceed Wikipedia by several orders of magnitude in breadth, depth, and accuracy. Polymarket responded, "100% chance." At the time, the only active Polymarket bet related to Grokipedia was titled “Grokipedia released by...?” Traders had priced in a 100% chance that it would launch on Oct. 31. Instead, Musk’s xAI released it on Oct. 27. Grokipedia is up and running Musk’s AI company, xAI, officially rolled out Grokipedia, a free, open-source online encyclopedia powered by its Grok AI model. The launch initially faced a few hiccups, but many users praised the concept. In a post on X, Musk wrote: “Grokipedia.com is fully open source, so anyone can use it for anything at no cost.” He later explained how users can edit, add, or remove information, and argued that Grokipedia offers “significantly better accuracy” compared with Wikipedia.
