Polygon Up 11%

Polygon (MATIC) is a blockchain platform that aims to make scaling Ethereum easier for users while also facilitating the construction of infrastructure.

It is constructed on a platform known as Polygon SDK, which enables a wide variety of decentralized applications to be produced. Users are able to develop optimistic rollup chains, ZK rollup chains, stand-alone chains, and other types of chains by utilizing this framework. It accomplishes this by transforming Ethereum into a multi-chain system.

It refers to itself as the internet of blockchains, and its primary objective is to address the problems of scalability and cumbersome technology that are present in existing blockchains. This is accomplished through the facilitation of smart contracts that are both scalable and self-determining. As a Layer 2 solution, Binance and Coinbase have shown their support for Polygon.

What’s new

Despite this, there is still not enough protection for Polygon from the bear market in 2022. Since reaching an all-time high of $2.92 in December 2021, Polygon (MATIC) has experienced a decline of more than 60 percent. The possibility exists that the release of its new NFT minters is responsible for today’s small uptick.

The newly revamped version of NFT Minter was released by Polygon this week. With this update, customers are now able to construct their own NFTs, complete with individualized utilities and no gas fee costs. This news was shared via a tweet by Polygon, which went as follows: “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 !”

Polygon participated in the debut of NFTs on Instagram one month ago as well. In order to make NFTs accessible to a more extensive audience, the social media platform extended its reach into the digital arena. Because Instagram has about 1 billion monthly active users, this is obviously quite significant for any blockchain technology business that is a part of it.

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Polygon and Ethereum were the only two blockchains that enabled the introduction of NFTs on Instagram, so Polygon was able to get in on the ground floor right away. It is reported that Flow and Solana will arrive shortly after.