Polygon MATIC/USD is a Layer-2 scaling solution that runs alongside the Ethereum blockchain network.
It was specifically designed to enable speedy transactions as well as low fees.
MATIC is the native cryptocurrency token that is used to power the network.
The Instagram addition of NFTs as a catalyst for growth
On May 9, 2022, Mark Zuckerberg, the CEO of Meta, shared a video where he discussed how Meta’s Instagram would allow its users to post and share non-fungible tokens (NFTs) as soon as this week.
This move will be powered by the Ethereum Layer-2 Scaling solution known as Polygon and will be available to select creators.
Furthermore, Zuckerberg stated that the social media giant will begin with Instagram and will, over time, move to Facebook.
Some of Meta’s other products will also be included down the line.
Additionally, he said that creating augmented reality NFTs for Instagram stories through Spark AR, a Meta-owned augmented reality effect software, will be available.
While we initially covered how MATIC could climb in value after Polygon committed to going carbon neutral, it could climb even further after this.
This development could lead to an increase in the overall usage of the Polygon network, as well as the MATIC cryptocurrency.
Should you buy Polygon (MATIC)?
On May 10, 2022, Polygon (MATIC) had a value of $0.94.
In order for us to get a better perspective as to what kind of value point this is for the MATIC cryptocurrency, we will be going over its all-time high value, as well as its performance throughout the previous month.
When we look at the token’s all-time high, Polygon (MATIC) had a value of $2.92 on December 27, 2021. Here, we can see that at its ATH, the token was $1.98 higher in value, or by 210%.
However, when we take a look at its performance throughout the previous month, Polygon (MATIC) had its highest point of value on April 2 at $1.72, while its lowest point was on April 30 at $1.08.
Here, we can see that the token decreased in value by $0.64 or by 37%.
With this in mind, we can see that Polygon (MATIC) can increase in value to 1.6 by the end of May 2022, after this feature has been fully implemented and utilized by the users of Instagram.
The post What the Instagram partnership means for the future of Polygon appeared first on Invezz.
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