MATIC Crypto: Polygon and Meta
While most cryptocurrencies are battling in the red zone over the past few days, the price of Polygon (MATIC) has been growing significantly. The good news about MATIC and its smart scaling system is the cause of this. Investors reacted quickly to news about the market. What exactly took place, though? On November 2, Web 2 juggernaut Meta (formerly known as Facebook) announced the availability of a toolset that will enable users to generate and trade non-fungible tokens (NFT) powered by Polygon on Instagram. It's crucial to remember that Polygon was Meta's first partner on the new NFT functionality. Now let's look at the recent MATIC price performance.
MATIC 1-Day Price (Source: TradingView)
As we can see, the MATIC price increased for three days straight after Meta's announcement. On November 4, in instance, the price increased by 22.77% in a single day. Prices for MATIC increased by 39.38% in November compared to October. The increase is still going strong as of this writing, with the price of MATIC rising 11.57% to a high of $1.278, the highest price in six months!
In accordance with what Meta said on Wednesday:
"Creators will soon be able to make their own digital collectibles on Instagram and sell them to fans, both on and off Instagram,"
"We will have an end-to-end toolkit – from creation (starting on the Polygon blockchain) and showcasing to selling."
On the same day last week, the titan of the financial services industryits first decentralized trade on the Polygon network. The recovery in MATIC that followed demonstrates that despite persistent worries about the state of the world economy, investors are still willing to purchase coins with favorable underlying trends. Furthermore, Meta said that fees from NFT manufacture and sales wouldn't start to be paid until 2021. On the other hand, a 30% sales reduction will apply to the store costs.
A Brief Introduction to Polygon (MATIC)
The Ethereum network was used to produce the token MATIC, also referred to as Polygon native token. It serves as the foundation for every transaction on the Polygon network as a kind of settlement and payment. The layer-2 solution Polygon employs the proof of staketo speed up and reduce the cost of transactions across the whole blockchain ecosystem in order to solve the scalability problem with the Ethereum blockchain.
Meta has been a problem for Polygon before. For Instagram's digital collectible hues, Meta announced in an update from August 2022 that they would support a variety of blockchains, including Polygon, Ethereum, and Flow.
While the rest of the market is experiencing the effects of thehike in November, we can see that MATIC is still in a bullish trend. Will it keep going? I'm curious to see how things will work out with Meta and what the future holds for Polygon.