MATIC Price: Will the sale of Polygon NFTs on Meta’s Instagram trigger a rally?

Meta announced that Instagram users will soon be able to buy and sell Polygon-powered NFTs on the social media platform. The giant unveiled plans to test new features with a small group of creators in the US. 

Also read: Watch this crypto for massive gains, Litecoin price rallies 51% after decoupling from altcoins

Meta begins testing of Polygon-powered NFT sale on Instagram 

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

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

The social media giant, formerly known as Facebook began the tests in May 2022 and by late 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 considered venues for artists to capture the economic value of their work, it transforms social capital into financial reward. Fans get an opportunity to support creators by curating their work and building digital collections of art. 

Will Meta’s embrace of Polygon NFTs trigger a MATIC price rally

MATIC yielded holders 12% gains overnight, after Meta’s announcement of Polygon NFT support on Instagram. Over the past week, MATIC price scaled the $0.88 level and flipped it into support. 

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

MATIC/USDT price chart 

Analysts at AMBCrypto argue that a drop to the $0.88 level would invalidate the bullish thesis and signal a takeover by bears. MATIC price could nosedive to the $0.72 level if bulls fail to sustain the momentum.