MATIC price soars 13% amid Meta news on Polygon-powered NFTs

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on Nov 3, 2022
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  • Meta has announced an end-to-end toolkit for minting and selling of Polygon-powered NFTs on Instagram
  • MATIC price soared more than 13% to $0.98 as the community reacted to the Web3 adoption news.
  • Meta has also expanded its NFTs feature for Facebook and Instagram to Solana and the Phantom wallet.

Polygon (MATIC/USD) soared after Meta (NASDAQ: META) announced an expansion of its support for Polygon-powered NFTs.

The latest piece of cryptocurrency news from Meta is that Instagram users can now create and sell their own non-fungible tokens (NFTs) on Polygon via a new integration of an end-to-end toolkit.

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The news also comes shortly after the company expanded its NFTs feature to Solana- the fourth blockchain platform to have the functionality after Ethereum, Polygon and Flow blockchain. The NFT feature for Facebook and Instagram also supports the Phantom Wallet.

Meta adds new Instagram NFT toolkit for Polygon

Meta announced on Wednesday that its Instagram users are set to access a feature that will let them use Polygon to mint, display and sell their digital collections. The Polygon-powered digital collectibles will give creators one more avenue to engage with their fans, as well as benefit from monetisation opportunities, the Mark Zuckerberg led tech giant noted.

The new features will initially be available to select Instagram users in the US, with expansion across the country and globally set to follow.

Polygon co-founder Sandeep Nailwal said Meta’s move marks a “remarkable milestone” as Instagram’s NFT feature evolves, a key step towards achieving mainstream adoption for Web3. He added in a statement:

“The value added to the creator economy is unmatchable and championing verifiable digital ownership on a platform with such reach will help us further our goal of onboarding the next billion users to Web3.”

MATIC price jumps 13% on Meta news

Meta’s news triggered significant buying pressure for MATIC, the native token on Polygon. The coin’s price rose more than 13% in a few hours, with MATIC/USD trading to an intraday high near $0.98 on Thursday morning.

At the time of writing, the cryptocurrency was trading around $0.96, still more than 10% up in the past 24 hours and the best performing crypto among the 20 largest coins by market cap.