MATIC price forecast after Instagram announces support for Polygon NFT marketplace

By:

Milko Trajcevski

Milko is a Financial Analyst covering the cryptocurrency markets. He started his career trading fiat currencies before immersing himself… read more.

on Nov 3, 2023

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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.

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).

Instagrams 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.