MATIC Soars 20% in a Single Day Following Instagram’s Polygon NFT Minting Deal.
This month, MATIC is increasing as a result of Reddit’s surging Polygon NFTs and Instagram’s Polygon integration.
Polygon, an Ethereum sidechain network, is enjoying significant price rises for its token MATIC after Meta revealed earlier this week that Instagram will be using the Polygon network for its planned in-app NFT minting functionality.
MATIC is up almost 20% in the last 24 hours, from $0.94 to $1.13, according to CoinGecko statistics. MATIC has grown by 25% in the last week and by 35% in the last month.
What is MATIC used for? While Polygon users may use Ethereum to pay for many transactions, MATIC is necessary to pay network gas expenses. (Gas costs are basically transaction fees paid to the network.) Although Polygon’s gas costs are quite modest, they are nevertheless necessary for transactions. NFTs may often be purchased with MATIC, allowing traders to forgo the process of bridging or wrapping Ethereum, as well as hunting for a crypto exchange that would offer Wrapped Ethereum natively on Polygon.
However, Instagram’s NFT minting function is significant — CNBC stated last year that Instagram had over 2 billion monthly users. That implies the Polygon network might see a lot of traffic.
“Creators on Instagram having the opportunity to engage with fans and monetize through Polygon-powered digital collectables is a watershed moment for both the creator economy and web3,”
🚨 MAJOR ANNOUNCEMENT🚨
💻Earlier this year, we announced a display partnership with @Meta.
⛓️Now, @Meta has selected @0xPolygon for MINTING digital collectibles!
For the first time ever, creators will be able to mint & sell Polygon-powered digital collectibles on @instagram!
— Ryan Wyatt (@Fwiz) November 2, 2022
NFTs — unique blockchain tokens that represent ownership — have historically been popular on Ethereum, with authors earning over $1.8 billion in royalties alone, according to an October research study by Galaxy Digital. The Polygon NFT economy is substantially smaller than the Ethereum mainnet.
In October, more than 300,000 Polygon NFTs were sold, according to a Dune Analytics dashboard. Last month, more than 1.1 million NFTs were sold on Ethereum’s mainnet. That’s a difference of 112%.
Polygon’s massive upcoming partnership with Starbucks, Polygon’s bevy of big-brand partnerships is a sign its proponents are pushing hard toward its vision of mass adoption.
About Kally ♾️
Kally is a P2P auction platform for NFTs, powered by Substrate & IPFS. Our goal is to build the most interoperable and user-friendly NFTs marketplace ever, allowing artists and everyday people to unleash the true power of the virtual world.
