Morning Minute | AI-Search Engine Perplexity Teams Up with Polymarket

TylerD's Market Summary

🤝 Perplexity And Polymarket Team Up

Polymarket is hot.

The leading prediction market saw $387M in monthly volume in July and is on pace to beat it in August.

They saw a whopping $4.5M bet on which words Donald Trump would say during his conversation with Elon on X last night (seriously).

And now they're about to be amplified even more, thanks to a strategic new partnership.

What Happened?

Yesterday, the AI-powered search engine Perplexity announced a new partnership with Polymarket.

Both parties will benefit, with:

• Polymarket now showing a summary of news related to each betting line, powered by Perplexity
• Perplexity showing betting lines and data like election trends along with search results

Win, win, win.

Shayne Coplan, founder and CEO of Polymarket, commented on the partnership:

"Polymarket has become a go-to destination for people looking to access high signal trusted information on an increasingly noisy web.

We see Perplexity as a company engaged in a similar mission, and so investing in deepening our partnership makes perfect sense."

Perplexity also stands to drive revenue from the deal, as they will be an API customer and will earn referral fees when their users look at events and generate betting lines on Polymarket.

Why It Matters

This is a major amplification for Polymarket.

Perplexity is backed by Sequoia and Jeff Bezos and raised at a $1B valuation back in March.

Anecdotally, more and more users are turning to their search over Google based on their usage of AI (now up to 10M monthly actives).

Along with the amplification, this also takes Polymarket one step forward towards what seems to be its vision of becoming a media platform.

Users will now have the ability to see live betting lines - and also the relevant news driving those lines.

If their vision pans out, there's a scenario where users can find news they're interested in based on which bets they're most interested in (even if they don't have money on the line).

It's a new way of sourcing news, but it could definitely work. At least for Polymarket's hardcore base.

Now we wait and see the quality of the news feed in practice...

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• ETH led NFT trading volume with $3.6M on the day; Solana was next with $1.9M, and then BTC with $1.7M
• ETH NFT leaders were mostly green; Pudgy +5% at 8.68 ETH, BAYC even at 9.8, Milady +1% at 3.9, Azuki +1% at 4
• Valhalla (+37%) and Honey Combs (+21%) were notable top movers
• BTC NFT leaders were very green; NodeMonkes +10% at 0.116 BTC, Puppets +8% at 0.076 BTC, Quantum Cats -2% at 0.272; RSIC jumps 18% to 0.021 and Runestone +18% to 0.0092
• The Runes leaders were mostly green; DOG -2% at $293M mc, RSIC +28% at $82M mc, BAMK +11% at $65M
• Solana NFTs were slightly red; Mad Lads -1% at 54 SOL, SMB Gen 2 -2% at 19.8, DeGods -5% at 26
• A Doodles x BAYC blockbuster trade went down featuring 1 Trippy Ape + 5 ETH in exchange for 14 Doodles + 11 Dooplicators
• Chimpers released a collectible trading card set called "ARCADEGEN"
• Pudgy Penguins announced presence multiple events coming in Asia in the near future including Coinfest, Webx, KBW and Token2049

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token or airdrop news from the day:

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are mixed; BTC +1% at $58,500; ETH -1% at $2,640, SOL -3% at $145; ETHE saw its first day of 0 outflows
• Memecoin majors are slightly red down 2-7% with DOGE -3%, PEPE -5%, WIF -8%, BONK -4%, MOG -1%
• Pump Fun saw 6,000+ memecoins deployed during the Trump x Elon convo with just 10 making it to Raydium (0.16%)
• Optimism teased the unification of the Superchain, including a better UX for transferring assets, dapp building and more for all Superchain L2s
• Crypto startups raised $2.7B in Q2, representing a 2.5% increase over Q1 though a 12.5% drop in overall deal flow
• Marathon, a Bitcoin mining company, has raised $250M to buy Bitcoin through a private offering of convertible senior notes
• The SEC charged NovaTech founders with running a crypto ponzi scheme to the tune of $650M, primarily targeting Haiti in 2019-2023
• El Salvador announced a $1.6B investment in new Bitcoin City, being built in La Union Seaport

🚀 Memecoin Movers 

• $FUKU (+98%, $9M market cap, ETH)
• $MAD (+35%, $22.5M market cap, SOL)
• $WDOG (+20%, $27M market cap, SOL) 
• $WOLF (+14%, $38M market cap, ETH)
• $GIGA (+10%, $159M market cap, SOL)

📈 NFT Floor Price Increase (ETH)

• Project Aeon (40%, 0.12 ETH Floor)
• Valhalla (37%, 0.1 ETH)
• Honey Comb (23%, 0.29 ETH)
• Forgotten Runes Wizards (17%, 0.43 ETH)
• Azuki Elementals (16%, 0.35 ETH)

🗓 Upcoming Mints and Events

Today is a slower day of mints, mostly in the art sector.

Wang Zhibo is doing a drop with Avant Arte, a limited edition of 20 priced at $883.

There are a few Ordinals drops as well including FTW and FREQ.

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• Wang Zhibo x Avant Arte (9:00 a.m. ET)
• Zaunman - MONO (11:00 a.m. ET)
• The Dream of Hypercard (1:00 p.m. ET)
• FTW (4:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.