Polygon rises 10% after Instagram engagement announcement | Tech Reddy
Meta has announced an end-to-end toolkit that allows Instagram users to mine NFTs on the Polygon (MATIC) blockchain and sell them on social media.
The move made MATIC one of the best performing digital assets in the last 24 hours, rising 10% to $0.95.
Meta turns Instagram into an NFT market
According to the announcement of November 2, selected creators in the United States can create their digital collections that can be sold on and off Instagram.
The platform continued and its users can also display video NFTs, as well as the metadata of some collections, including their descriptions and names, provided by OpenSea.
Meanwhile, Meta announced that it is extending its support to the Solana (SOL) blockchain and the popular Phantom Wallet. Mark Zuckerberg’s company supports the Ethereum, Polygon, and Flow blockchains.
In the Instagram app, go to Settings, click on Digital Collections & link your Phantom account. The integration is rolling out to all users in the coming days, so get ready to showcase your favorite NFTs! pic.twitter.com/H91C9khTmD
— Solana (@solana) November 2, 2022
Commenting on the development, Meta’s head of marketing and financial technology, Stephane Kasriel, said:
“Meta won’t charge a fee to create or sell digital collections until 2024 (although in-app purchases are still subject to store prices), and at launch it will cover We block prices (also known as “air prices”) for customers.
Sandeep Nailwal, the founder of Polygon, also welcomed the move, saying that “this is an important step in the evolution of Instagram’s NFT process and a step in the future to bring Web3 to the world.”
Polygon is introducing web2 companies to web3
The Ethereum (ETH) Layer-2 network is capable of introducing web2 companies to the blockchain industry. In the last 24 hours, JPMorgan used Polygon’s blockchain to conduct its first DeFi transaction involving the Tokenized Singapore Dollar (TSD) and the Japanese Yen.
Recently, the layer2 network powered Reddit’s NFT collecting avatar collection, which has over 3 million users on the site. The network was also used by other international companies such as Stripe, Robinhood, Liverpool Football Club, Dolce & Gabbana, Adidas, etc.
All of this resulted in a good third quarter performance for the blockchain network. Polygon’s new addresses increased by 180% quarter over quarter. Active addresses on the network reached 6 million high, and its total transactions in the third quarter exceeded 2 billion.
According to CryptoSlate data, MATIC has increased by 19% in the last 30 days.