MATIC price forecast after Instagram announces support for Polygon NFT marketplace

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on Nov 3, 2022
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  • Instagram announced support for a Polygon (MATIC) marketplace for NFTs.
  • In the last 24 hours, the trading volume of MATIC increased by 410%.
  • The value of the MATIC cryptocurrency jumped by 16% in the last 24 hours.

Meta (formerly Facebook) is expanding within the crypto ecosystem, where they recently announced that Instagram would host a marketplace for non-fungible tokens (NFTs) that will have support for Polygon (MATIC/USD).

Polygon is essentially an Ethereum (ETH/USD) scaling platform and infrastructure for development. 

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It features the Polygon SDK, which is a modular, flexible framework, and it is powered by the MATIC token, where developers can create optimistic rollup chains, ZK rollup chains, and stand-alone chains to get the most out of their decentralized applications (dApps).

Instagram’s support for a Polygon NFT marketplace as a catalyst for growth

In the latest Polygon news, through an announcement, Meta updated us on how Instagram will soon host a marketplace for non-fungible tokens (NFTs), where it will begin with support for the Polygon (MATIC) network.

The features are live with a small group of creators that are located within the United States and will be expanded to other countries at some point in the future.

Support also went live for Phantom, a Solana (SOL/USD) wallet, according to Meta. They added that the information for collections from OpenSea can be viewed directly on the platform.

“The creator economy is forecasted by some exploratory studies to reach more than $100 billion. For the creator economy to achieve this level of growth, the new digital economy will need to be more interoperable and portable than the present-day web,” said Stephane Kasriel, Meta’s commerce fintech and Web3 lead in a blog post.

Should you buy Polygon (MATIC)?

On November 3, 2022, Polygon (MATIC) had a value of $0.9598.

MATIC/USD Chart by Tradingview.

The all-time high of the Polygon (MATIC) cryptocurrency was on December 27, 2021, at a value of $2.92. Here we can see that at its ATH, the cryptocurrency was trading $1.9602 higher in value, or 204% higher.

When we go over the 7-day performance, Polygon (MATIC) had its low point at $0.841732, while its high point was at $0.963735. Here we can see that the cryptocurrency increased in value by $0.122003 or by 14%.

However, when we take a look at the 24-hour performance, MATIC had its low point at $0.841403, while its high point was at $0.977652. Here we can see another increase of $0.136249 or by 16%.

With this in mind, buying MATIC is a solid choice, as it can climb to $1.2 by the end of November 2022.