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Will the sale of Polygon NFT on Meta’s Instagram trigger a rally?

  • Polygon-powered NFTs and digital collections will soon be minted, featured and sold on Meta’s Instagram.
  • Meta, formerly Facebook, revealed plans to test new features with a small group of creators in the United States and soon expand to other countries.
  • The MATIC price has brought holders gains of 10% and the altcoin could see a massive rally towards the $1.25 target soon.

Meta has announced that Instagram users will soon be able to buy and sell Polygon-powered NFTs on the social media platform. The giant revealed its intention to test new features with a small group of creators in the United States.

Read also : Watch This Crypto For Massive Gains, Litecoin Price Surges 51% After Decoupling Altcoins

Meta begins testing Polygon-powered NFT selling on Instagram

Meta, the tech giant that owns Instagram, has revealed plans to create, showcase and sell digital collections and NFTs powered by Polygon. This should give creators a new way to engage with and monetize their fan communities.

Meta announced that these new photo-sharing app features will be tested with a small group of creators in the United States. The goal is to soon expand to more users and countries. Instagram’s plan is to integrate a comprehensive end-to-end toolkit that can be used for the entire process, from creating to showcasing and selling NFTs on and off popular social media platforms. .

The social media giant, formerly known as Facebook, began testing in May 2022 and by the end of September the offering was rolled out to 100 countries. This allowed everyone on Facebook and Instagram in the US to connect their wallets and share their digital collectibles. It allows users to automatically tag creators and collectors without paying network fees.

Since NFTs are seen as places for artists to capture the economic value of their work, they turn social capital into financial reward. Fans have the opportunity to support creators by curating their work and creating digital art collections.

Will Meta’s Adoption of Polygon NFTs Trigger a Rise in MATIC Prices

MATIC brought holders 12% gains overnight, after Meta announced Polygon NFT support on Instagram. Over the past week, the MATIC price has moved up from the $0.88 level and turned it into support.

Since then, the MATIC price has broken above the $0.95 level. The altcoin has offered massive gains to holders since October 29. Phoenix Ashes, a crypto trader and analyst, believes that the price of MATIC has the potential to reach the $1.25 level target in November 2022. Analysts are bullish on MATIC and argue that the trend reversal bullish is there. stay.

MATIC/USDT Price Chart

AMBCrypto analysts claim that a drop to the $0.88 level would invalidate the bullish thesis and signal a takeover by the bears. The MATIC price could drop to the $0.72 level if the bulls fail to maintain momentum.