The name
八卦 is
two words.
one meaning.
Literal
八卦 — the eight trigrams
Three stacked lines, broken or unbroken, forming eight symbols. The core of the I Ching, the oldest divination system still in daily use. Three thousand years of asking a binary question and getting a binary answer. That's the mechanic.
Colloquial
八卦 — the gossip
In modern Chinese, 「八卦」 is also what you call the chatter in a WeChat group when someone's reality-show favorite gets dumped, when CZ tweets something cryptic, when a token's about to list. It already means prediction market. On the street.