Why Polygon Is Up 11%

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Could a presence on Instagram and a new NFT Minter lift it from the ashes?

Key points

  • Polygon is called the internet of blockchains, using a framework that creates a web of applications with fluidity and scalability. 
  • Although up slightly today, Polygon is still 60% below its all-time high of $2.92, which it hit last December. 
  • Instagram announces the launch of NFTs on Polygon and Ethereum, bringing both the tokens and platforms onto a greater stage. 

Polygon (MATIC) is a blockchain platform designed for user-friendly Ethereum scaling and infrastructure development. It is built around a framework that supports the building of a variety of dApps, called Polygon SDK. Using this framework, users can create optimistic rollup chains, ZK rollup chains, stand-alone chains, and more. It does this by turning Ethereum into a multi-chain system; calling itself the internet of blockchains, with the goal of solving issues of scalability and bulky tech found on other blockchains. It does this by allowing for scalable and self-determining smart contracts. Polygon is backed by Binance and Coinbase as a Layer 2 solution. 

New developments

All of this, however, is not enough to shield Polygon from the 2022 bear market. Polygon (MATIC) has fallen over 60% from its all-time high of $2.92 in December 2021. Today’s slight up-tick could be a result of its new NFT minters announcement. Last week, Polygon launched a redesigned version of NFT Minter which allows users to create their own NFTs with custom utilities and zero gas fees. Polygon announced this release in a tweet that read, “Mint your own ERC-721 & ERC-1155 NFTs #onPolygon! Polygon NFT Minter lets you embed custom utilities, such as social account signatures, options for ordering physical objects, & unlockable content. All with zero gas fees!”

Last month, Polygon also got in on Instagram’s launch of NFTs. The social media platform expanded its reach into the digital sphere to bring NFTs to a broader audience. This of course is big for any blockchain tech company to be a part of as Instagram boasts roughly 1 billion monthly active users. Polygon got in on the ground floor, along with Ethereum, as the two blockchains supported at the launch of NFTs on Instagram. Flow and Solana are said to follow shortly. If this excites you and you want to know more, you can read our guide to NFT investing to be well informed. 

MATIC was certainly in need of a boost after its dismal performance in 2022. And these items of news could certainly help. Today, according to CoinMarketCap, Polygon (MATIC) is at $0.6478.

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