Riding a string of positive news, MATIC surged after 30% in two days and it hit a six-month high of $1.15 on Friday. The surge comes after Meta’s (Facebook parent) decision to launch a toolkit for Instagram users to mint and sell digital collectibles or Polygon-powered non-fungible tokens (NFT). Meta chose Polygon as the first partner for the new feature.
Meta announced that creators will soon make their digital collectibles on Instagram and sell them to fans, both on and off Instagram.
They have an end-to-end toolkit from creation at the Polygon blockchain, showcasing, and selling.
On Wednesday, Nov 2 investment banker JPMorgan successfully executed its first decentralized finance trade over Polygon.
According to an analyst, Markus Thielen MATIC’s rally can sustain as a long terms position given Meta’s plans to wean away TikTok influencers and make them more active on its Instagram platform.
The commitment of zero commission on sales unlike Apple’s 30 percent commission on all NFT sales at the App store will boost Meta NFTs. The MATIC/USD daily price chart also showed gains with the 50-day SMA crossing the 200-day SMA, confirming it as a golden crossover.
Of late Polygon had been building up high-profile partnerships and had roped in Starbucks, Disney, and Robinhood. Now the new partnerships with Instagram and JPMorgan will be driving the growth further.
Polygon has been one of the block chains with consistent positive TVL numbers in one-and seven-day metrics.
