Instagram supports Polygon for NFT use.

Xal0lex

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Quote from: doomloop on November 08, 2022, 02:43:22 PM

Quote from: Orange89 on November 07, 2022, 05:51:43 PM

Really bullish news for Matic and it can Definitely be seen in their value Matic had gone from 0.8$ to currently around 1.2$ probably Matic is definitely a good coin their team is active and making some good partnership each week like Recent Disney and more Same like Instagram high chances Twitter Reddit also support the nft ultimately it can be proven as the good news to The nft space But it is also the Reality Matic doesn't have the good nft Volume i just hope it also get some Good Volume with it

Matic is already known to be a good coin. It can solve the most common problem here in crypto which was the high fees and then the slow speed of transactions. This is why despite of the long bear, matic's value was still spotted on the rise even before this news came but for sure this can improve the momentum of matic.

An active team is one of the keys for the coin's success and many investors check this out. This could give them confidence that any problems the coin experience will always be solved eventually. Many are saying that nft's are over but it seems they are all wrong because big social media platforms are yet to adopt it. I don't see an issue with it since it will help people to know crypto later on, if they haven't yet.

What I like about Polygon is that when interacting with NFT, there are very low fees. When you withdraw Matic to your wallets from CEX, there are also extremely low withdrawal limits and commissions. If you compare with other networks, such as BSC or ETH, where the commissions are many times higher and the limits are higher, the Polygon network looks much more attractive to NFT. Hopefully, in the future, these networks will develop more and developers will choose them for deployment of their products. I don't want to pay 3-5$ in ETH network to make NFT mint at all, but developers go to these networks because of their former popularity. Perhaps in the future the balance of power in the blockchain arena will change.

doomloop

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Quote from: Orange89 on November 07, 2022, 05:51:43 PM

Really bullish news for Matic and it can Definitely be seen in their value Matic had gone from 0.8$ to currently around 1.2$ probably Matic is definitely a good coin their team is active and making some good partnership each week like Recent Disney and more Same like Instagram high chances Twitter Reddit also support the nft ultimately it can be proven as the good news to The nft space But it is also the Reality Matic doesn't have the good nft Volume i just hope it also get some Good Volume with it

Matic is already known to be a good coin. It can solve the most common problem here in crypto which was the high fees and then the slow speed of transactions. This is why despite of the long bear, matic's value was still spotted on the rise even before this news came but for sure this can improve the momentum of matic.

An active team is one of the keys for the coin's success and many investors check this out. This could give them confidence that any problems the coin experience will always be solved eventually. Many are saying that nft's are over but it seems they are all wrong because big social media platforms are yet to adopt it. I don't see an issue with it since it will help people to know crypto later on, if they haven't yet.

Liz Truss

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I was a little expecting these to the social media platforms and I'm mostly anticipating on Instagram and twitter since they are giants in social media space aside from facebook. This shows that not only polygons will have huge potential next season but also NFT, It's unclear if the NFT hype is back but it's also being applied on major social media platforms like Facebook, Reddit, Twitter and now Instagram.

Kavelj22

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Quote from: Orange89 on November 07, 2022, 05:51:43 PM

Really bullish news for Matic and it can Definitely be seen in their value Matic had gone from 0.8$ to currently around 1.2$ probably Matic is definitely a good coin their team is active and making some good partnership each week like Recent Disney and more Same like Instagram high chances Twitter Reddit also support the nft ultimately it can be proven as the good news to The nft space But it is also the Reality Matic doesn't have the good nft Volume i just hope it also get some Good Volume with it

Polygon currently derives all of its market niche mainly from the field of NFT. Had it not been for the problems that the Ethereum network was going through at the same time as the emergence of NFT, Polygon might not have experienced such a boom.
No one knows why Meta chose Polygon in particular, but this certainly helped it cement its position even before the partnership was actually launched.

Orange89

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Really bullish news for Matic and it can Definitely be seen in their value Matic had gone from 0.8$ to currently around 1.2$ probably Matic is definitely a good coin their team is active and making some good partnership each week like Recent Disney and more Same like Instagram high chances Twitter Reddit also support the nft ultimately it can be proven as the good news to The nft space But it is also the Reality Matic doesn't have the good nft Volume i just hope it also get some Good Volume with it

dlightag

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That's a very good impact towards Instagram to support polygon network as a means of transaction towards Blockchain technology industries and polygon Matic network is gradually growing with difference companies partnership that is support the network that makes it stronger as time goes on and base on current price of polygon Matic price is good to buy for long term holding investment.

kelonmusk

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From there they'll be able to sell those tokens or retain them as NFTs (non-fungible tokens). This is a big win for both platforms. It gives Polygon new users and fresh cash flow in addition to a way to make money from their platform.

Xal0lex

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Quote from: Xal0lex on November 05, 2022, 05:23:57 PM

P.S. I'm a bit surprised why they chose Polygon. Undecided

Most of today's NFT projects are centralized and mostly built on two blockchains, polygon and solana. The volume of NFTs generated on polygon and solana outperforms all other blockchains. I think NFT projects choose them because they have low fees and faster speeds than other blockchains.

Where did you get this data about Polygon? I agree about Solana, because there has been increased activity there lately, if we are talking about NFT. Ethereum blockchain has always been at the top of the list, and Polygon is not even in the top three blockchains. Here's the data for June 2022

Show me the data where it shows that most of the projects are focused specifically on Polygon.

evichi

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This move by Instagram to use Polygon for NFT transaction indicates that the crypto space is gaining wider acceptance, not only in the commercial sector, but also in the social media sector. Polygon technology enables users to carry out low-fee transactions, which includes NFT transactions. In addition, there is speculation that Elon Musk may adopt Dogecoin in the future to be used for transactions on Twitter (https://beincrypto.com/elon-musk-hints-dogecoin-payments-twitter-again/). I think, cryptocurrency is gaining grounds and is beginning to occupy an important part in our financial transactions.

Kavelj22

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Quote from: Xal0lex on November 05, 2022, 05:23:57 PM

META tries with all its might to integrate its products into the WEB3 industry in the hope that it will start to make a profit. So far, this whole endeavor of Meta with flirting with meta universes and web3 is extremely unprofitable and does not bring the expected effect of attracting a new audience and money. Although Zuckerberg says that we should be prepared for this whole thing to start generating revenue only in a few years, the shareholders are not very supportive of all these initiatives.

Meta has spent huge budgets on many projects trying to launch WEB3-based apps but none (Metaverse,Libra,Denim) has ever been released.
The idea can be launched using one of the trusted networks that have NFT users, and later the project can be launched using a different network. There is almost no better network than Polygon in ease of use. Of course, this does not mean that they will succeed in making profits of the expected size, and the project may be abandoned at any moment.

Xal0lex

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META tries with all its might to integrate its products into the WEB3 industry in the hope that it will start to make a profit. So far, this whole endeavor of Meta with flirting with meta universes and web3 is extremely unprofitable and does not bring the expected effect of attracting a new audience and money. Although Zuckerberg says that we should be prepared for this whole thing to start generating revenue only in a few years, the shareholders are not very supportive of all these initiatives.

P.S. I'm a bit surprised why they chose Polygon. Undecided

Johnyz

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Great job for Polygon on dealing with a lot of big companies, this adoption might give them more new investors. Most of the social media platform today already looking for a way to adopt cryptocurrency, and with this we might see the mass adoption soon.

META is working closely with their metaverse, while there’s a rumor about Twitter adoption as well, this can all happen in the next bull run so better to be ready for that and start accumulating.

chaser15

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Polygon might be the next big trendy thing. We just don't know how big will their hype is.

Same as what happened to trendy networks where lots of developers and project owners based their projects like ERC20, Waves, Binance Smart Chain, and many more.

Let's see if once the market finally regains the bullish status, more projects based will be integrated into Polygon Network.

Kavelj22

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Quote from: Baofeng on November 04, 2022, 06:27:09 PM

I'm just thinking though, what will happen if the whole NFT hype suddenly fizzle out in the next couple of years?

This will not happen soon, especially since after these updates that Instagram makes, the user base of NFT will grow and may include the rest of the Meta applications. In fact, there is no network more efficient than Polygon for anyone to use to create and release their own NFT.
With the launch of the NFT service, it is expected that in the near future we will hear many cases of fraud, since most users of the platform have no experience with blockchain applications.

merekamo

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Interesting, this is a significant milestone for Meta. Not only is it a sign that the company is not abandoning its blockchain development, but it also shows the rapid pace of growth for the Meta platform as it expands into other mediums.

I don't know exactly how this Polygon integration will work just yet, but it seems likely that it will involve a lot of in-app purchases. Users will be able to purchase tokens with their Meta balance and then transfer them over to the Polygon platform. This is a great concept.

Baofeng

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I'm just thinking though, what will happen if the whole NFT hype suddenly fizzle out in the next couple of years?

Anyhow, we will see how it goes, no doubt that Poly is one of the most trusted project as far as NFT is concern so this is a good choice for Instagram.

I myself uses Insta, but not not into the mode of monetizing it, just a regular user of this platform. But for those who are using it to monetized, for sure there will be a lot of adjustment specially for non crypto but who knows, they could be swayed to join the whole NFT craze.

lobo13hf

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Quote from: Kavelj22 on November 04, 2022, 03:50:19 PM

Today, Instagram announced that it will take advantage of the Polygon network so that users can create, buy and sell their own NFTs.
https://twitter.com/instagram/status/1588232880244695041

That must be the main news why the price of polygon was going up drastically since last week. Beside polygon, meta has been also picking some blockchains like ethereum and flow to be integrated with facebook too. https://decrypt.co/108489/meta-facebook-instagram-ethereum-polygon-flow-nft-crosspost

Quote from: Kavelj22 on November 04, 2022, 03:50:19 PM

It shows the trend of the Meta platform to deal more smoothly with blockchain applications, including the use of NFT tokens, and why not relying on a payment system using tokens on the same network. The news also indicates that Meta will not delay adding support for the network on Facebook and the rest of its applications. I think Meta has given up the idea of creating her own network and has just used the Polygon network.

Since the stock price of meta has been doing down drastically and it seems like that was affecting the decision by meta to finish the product as soon as possible. Why does meta need to create a new blockchain while there are so many blockchains with large user base available in the market? im thinking about the fallen of meta stock price was also affecting this decision.

Quote from: Kavelj22 on November 04, 2022, 03:50:19 PM

Polygon is a leading network that earns the trust of users due to its security and ease of use, which prompted many platforms to adopt it. It is also considered a leading network for NFT users due to the ease of launching businesses for very low fees compared to its counterparts on the Ethereum network. I expect to witness more demand in the coming period, which will certainly contribute to raising the price.

The fees is really cheap. The hype gonna be so big for polygon due to the meta adoption.

dothebeats

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Given that Instagram is a site wherein content creators are completely at, it's a no-brainer for Meta to simply integrate a blockchain that easily connects NFT creators and NFT marketplaces in one. It's not really mind-blowing at all, but it's something that is to be expected, especially since Instagram is ramping up its whole identity to be 'the brand' for content creators to flaunt their content and the updates on what they do, and hopefully create a product out of that and bam, you got Polygon sorting these final stages out.

abel1337

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Quote from: Kavelj22 on November 04, 2022, 03:50:19 PM

Today, Instagram announced that it will take advantage of the Polygon network so that users can create, buy and sell their own NFTs.
https://twitter.com/instagram/status/1588232880244695041

It shows the trend of the Meta platform to deal more smoothly with blockchain applications, including the use of NFT tokens, and why not relying on a payment system using tokens on the same network. The news also indicates that Meta will not delay adding support for the network on Facebook and the rest of its applications. I think Meta has given up the idea of creating her own network and has just used the Polygon network.

Polygon is a leading network that earns the trust of users due to its security and ease of use, which prompted many platforms to adopt it. It is also considered a leading network for NFT users due to the ease of launching businesses for very low fees compared to its counterparts on the Ethereum network. I expect to witness more demand in the coming period, which will certainly contribute to raising the price.

Some analyzes link this update to the changes that One Mask will make on Twitter in the context of the competition to bring the largest number of users by adding qualitative features to the way the applications are used.

So they decided to use polygon blockchain for their NFT feature. I was a little expecting these to the social media platforms and I'm mostly anticipating on Instagram and twitter since they are giants in social media space aside from facebook. Polygon for me is a great choice and I do expect for them to add multiple blockchains in the future and of course their own network, Diem or Libra? Since it was develop by Meta. I guess Instagram could possibly have a new marketplace feature for NFT LOL.

Lizzylove1

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Christ The King

Polygon is a great layer2 blockchain with an extremely low transaction fees. I don't understand why developers still launching on ethereum mainet for their new projects instead of choosing polygon. Mainet transaction fees are just too expensive and tiring to keep paying. MATIC coin is going to blow up.

Topic: Instagram supports Polygon for NFT use. (Read 209 times)