MATIC Jumps 20% in a Day After Polygon NFT Minting Reveals Instagram | Tech Reddy

Polygon, an Ethereum side chain network, is seeing huge gains for its MATIC brand following Meta’s announcement Instagram and use the Polygon network for its in-app NFT mining feature earlier this week.

According to CoinGecko data, MATIC has increased by 20% in the last 24 hours, from $0.94 to $1.13. Last week, MATIC was up 25%, up 35% in the last month.

What is MATIC? Although Polygon users can pay for multiple transactions in it Ethereum, MATIC must pay for gas costs on the network. (Gas fees are transaction fees paid to the network.) Polygon’s gas fees are very low, but required for transactions. Sometimes, NFTs It is possible to buy with MATIC itself, and traders can avoid the process of bridge or wrap Ethereum or looking for a crypto exchange buy the original Wrapped Ethereum on Polygon.

But the nature of Instagram’s NFT engine is important—last year, CNBC said Instagram has more than 2 billion monthly users. That means a lot of traffic for the Polygon network.

“Creators on Instagram will have the opportunity to engage with fans and make money through Polygon-powered digital collections that are an opportunity for the creator economy and website3,” said the CEO of Polygon. Formerly Ryan Wyatt Studios. Unlockadding that in his view, “Polygon is very good at bringing Web3 to the masses.”

Historically, NFTs – unique blockchain tokens that represent ownership – have been popular on Ethereum and developers have earned more money. $1.8 billion in royalties alone, an October research report from Galaxy Digital revealed. Compared to the Ethereum core, the Polygon NFT economy is significantly smaller.

According to Analysis of Dune Console, approximately 309,000 Polygon NFT were sold at OpenSea in October. In contrast, over 1.1 million NFTs were traded on Ethereum’s mainnet at OpenSea last month. That’s a 112% difference.

But with Reddit users making it 3 million pocket to mint and trade the foundation’s “Collectable Avatars”, about 3 million Reddit Polygon NFT live today each data compiled into Dune, with Polygon’s extensive collaboration with StarbucksPolygon’s team of high-profile affiliates is a sign that its supporters are pushing hard for its vision of mass adoption.