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HomeUpcoming NFTMATIC Jumps 20% in a Day After Instagram's Polygon NFT Minting Reveal

MATIC Jumps 20% in a Day After Instagram’s Polygon NFT Minting Reveal

Polygon, Ethereum side chain The network has seen a significant increase in the price of the token MATIC after Meta’s announcement. Instagram Use the polygon A network of in-app NFT mining capabilities scheduled for early this week.

According to CoinGecko data, MATIC has risen about 20% in the last 24 hours, from about $0.94 to $1.13. Last week, MATIC was up 25% of his, and a staggering 35% up this past month.

What is the purpose of MATIC? Polygon users can pay many transactions, ethereum, MATIC must pay for gas on the network. (A gas fee is essentially a transaction fee paid to the network.) Polygon’s gas fee is very low, but it’s still required for transactions. Sometimes, NFTs It can also be purchased on MATIC, allowing traders to avoid the following processes: bridging Also wrapping I’m looking for a crypto exchange that sells Wrapped Ethereum natively on Ethereum or Polygon.

But Instagram’s NFT mining feature is a big deal. last year, CNBC report Instagram has over 2 billion monthly users. This means a lot of potential traffic on the Polygon network.

“Having the opportunity for Instagram creators to engage with their fans and monetize through polygon-powered digital collections is a watershed moment for both the creator economy and web3,” Ryan Wyatt, CEO of Polygon Studios, previously said. rice field. Decryptionadds that “Polygon excels at bringing Web3 to the masses.”

Historically, NFTs, proprietary blockchain tokens of ownership, have been popular on Ethereum and their creators $1.8 billion Royalties alone were revealed in Galaxy Digital’s October research report. Compared to the Ethereum mainnet, the Polygon NFT economy is significantly smaller.

according to Dune analysis In Dashboard, approximately 309,000 Polygon NFTs were sold on OpenSea in October. In contrast, over 1.1 million of his NFTs were sold on OpenSea’s Ethereum mainnet last month. That’s a difference of 112%.

But a Reddit user is making 3000000 A wallet for creating and trading “collectible avatars” for the platform. data Consolidated in Dune and upcoming large-scale partnership with Polygon StarbucksPolygon’s swarm of large brand partnerships is a sign that its supporters are pushing hard toward a vision of mass adoption.


The views and opinions expressed by the authors are for informational purposes only and do not constitute financial, investment or other advice.

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