Meta Begins Testing Ethereum and Polygon NFTs on Creator Profiles

Meta Begins Testing Ethereum and Polygon NFTs on Creator Profiles

Meta, formerly known as Facebook, is now supporting non-fungible cryptocurrencies (NFTs) for some US creators. According to a representative, the company is starting with Ethereum. Eventually, it will support other NFTs such as those on Flow and Solana.

Users Can Create and Share NFT Posts

Navdeep Singh, a product manager for the Meta platform, revealed in a Twitter post that users would be able to display their NFTs on their Facebook profiles. These are unique blockchain tokens that are designed to signify ownership.

Through their Facebook profiles, users will be able to connect their digital assets to their profiles. They’ll also be able to create and share posts with their NFTs.

Tech and media consultant Martin Bryant argued that Meta “clearly wants to offer a home to Web3 folks” with the announcement, considering the company has also recently begun testing out changes to Facebook Groups to make them look “more like Discord.”

Anndy Lian, thought leader and Chairman at BigONE exchange, said:

“While Instagram isn’t the first social app to experiment with NFTs, the sheer size of its one billion (monthly active) user base gives it its biggest reach versus its competitors, which means that the addition of web3 technology it could potentially engage a whole new group of users. And with Meta’s Facebook expected to add similar features in the near future, Meta will have a huge NFT presence in the social media space. I know Instagram can create more sparks in the NFT space. I am so looking forward to it.”

Earlier Rollouts on Instagram

A representative of Meta has confirmed that the company started rolling out new features for creators on Instagram in May.

Instagram recently announced that it would no longer charge for sharing or posting NFTs, and the company would also allow collectors to share their creations using augmented reality stickers. The company also noted that the creator and the collector would be automatically marked.

In May, Adam Mosseri, the head of Instagram, said that the company was planning on launching new features for creators in response to the increasing number of people passionate about owning unique digital items.

Meta’s Online Avatar Store

On Saturday, the company announced that it would launch an online store allowing users to buy clothes for their digital avatars. The store will allow users to customize their outfits using real money.

During a live stream on Instagram, Eva Chen, the company’s vice president of fashion partnerships, announced the partnership. The company noted that the store, which will be called the Avatar Store, would be available on its platforms through Instagram and Facebook. Through the partnership, users can purchase clothes for their digital avatars.

To improve its platforms, including Instagram, Facebook, and Messenger, the company is also introducing 3D avatars. It plans to move away from social media gradually and into a virtual metaverse.

The partnership’s goal is to create a thriving digital economy for Meta’s users. The company has partnered with various fashion brands such as Thom Browne, Prada, and Balenciaga to achieve this.

NFT Sales Have Been Dropping

According to the CryptoSlam tracker, NFT sales have dropped by 150 percent since April. The average price of an NFT has also decreased by 67 percent, from $589 in April to $192. There has additionally been a significant drop in the number of transactions in the market.

The value of the Bored Ape yacht club’s non-finite (NFT) collection has dropped to its lowest point since August 2021. This move is because the floor price has significantly decreased since May, when the collection sold for around $200,000 each.

 

Original Source: https://crypto.news/meta-ethereum-polygon-nft-creator-profiles/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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MATIC price prediction: Will going green boost Polygon value?

MATIC price prediction: Will going green boost Polygon value?

On 12 April 2022, Polygon (MATIC) made headlines with the  release of  its “Green Manifesto”, pledging to make its blockchain universe more environmentally friendly.

Polygon’s future plans might seem bright, but its native cryptocurrency, MATIC, has been on a bearish trend since the start of 2022.

After reaching its all-time high on 26 December 2021 at $2.8768 the token has been on a downward trend, losing 50.9% of its value and dropping to $1.41 by 19 April 2022.

Amid plans to go green, can the token surpass its all time high, and what’s in stock for the Polygon crypto price prediction?

What is Polygon crypto?

In the last couple of years, ether (ETH) has become one of the most popular cryptocurrency tokens. It’s the second biggest cryptocurrency by market capitalisation and the leader in decentralised finance (DeFi) (as of 19 April) due to its compatibility with smart contracts, which make building decentralised applications (dApps) easy.

However, ETH’s growing popularity has also made the blockchain very hard to use amid rising gas fees and excessive traffic. That, in addition to low throughput and no sovereignty has pushed for the creation of Polygon.

Polygon, previously known as Matic Network, is the first easy-to-use platform for Ethereum scaling and infrastructure development. Founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic in 2017, it wants to make Ethereum a “full-fledged multi-chain system”.

Using the slogan “built by developers, for developers”, Polygon has managed to combine all existing Ethereum tools with faster and cheaper transactions.

Polygon’s key features include:

  • Fast, cheap and safe transactions on Polygon sidechains that are finalised on the Ethereum mainchain
  • High throughput and multi-chain transactions
  • Smooth user experience
  • Public sidechains that support a number of protocols

So far, Polygon has released three scaling solutions:

  • Polygon PoS – a Layer 2 scaling solution that achieves great transaction speed and cost savings
  • Polygon Hermez – a Layer 2 construction on top of Ethereum that solves its scalability issues
  • Polygon Edge – allows users to run their own blockchain network with customisable features

Three others are in development:

  • Polygon Avail – targets off-chain scaling solutions and standalone chains
  • Polygon Miden – a Layer 2 scaling solution for Ethereum and relies on zero-knowledge technology to merge thousands of Layer 2 transactions into one single ETH transaction, increasing throughput and decreasing transaction fees
  • Polygon Zero – a Layer 2 scaling solution for Ethereum that separates Polygon Zero from other zero-knowledge scaling solutions

Polygon Nightfall, a unique privacy-focused scalable transaction solution, is currently undergoing a testnet. The Enterprise chain is planned.

Since launching, Polygon has allowed users to develop over 10,000 dApps, attracted over 130 million unique users, experienced over 3 million daily transactions and hosted over 3.4 billion transactions.

Polygon’s native cryptocurrency is known as MATIC, an ERC-20 token running on the Ethereum network. The MATIC crypto is used to pay fees on the Polygon network, and for stacking and governance.

A maximum of 10bn MATIC tokens were released. Over 7.8bn tokens are currently in circulation, according to data provided by CoinMarketCap, as of 19 April. MATIC currently has a market capitalisation of over $11bn and is ranked as the 18th most popular token.

Will MATIC go up or down? Technical outlook

The MATIC token launched two years after Polygon was founded through an initial exchange offering (IEO) on the Binance crypto exchange platform.
Since its launch in 2019, the token struggled to speed up, moving sideways and fluctuating between $0.01 and $0.03 for the next two years.

The Polygon cryptocurrency started to gain traction in early February 2021, soaring to new price levels by May that same year. In four weeks between 22 April 2021 and 18 May 2021, the Polygon coin price surged by 602.4%, up from $0.3494 to a then record high of $2.4544.

Polygon to USD chart, 2019 - 2022

Despite its momentary success, the coin dropped to $1.0867 but managed to rebound to $2.2102 by 26 May 2021.

Following May’s highs, the Polygon coin’s price has struggled through a volatile ride. it hit a new record-high of $2.8768 on 26 December 2021, following news that the number one Ethereum App, Uniswap, had launched on Polygon.

Since then, however, the token has been on a bearish trend, with its price losing over half of its value from the record high, dropping to the $1.4222 level, as of 19 April 2022. Between 15 February 2022 and 15 March 2022, the coin lost 25.9% of its value amid general negative market sentiment as tensions started to rise on the Russia-Ukraine border.

Polygon to USD chart, January - April 2022

What is your sentiment on MATIC/USD?

MATIC token technical analysis provided by CoinCodex showed that short-term sentiment for the coin was neutral at the time of writing (19 April), with 14 indicators pointing to ‘sell’ and 13 to ‘buy’.

relative strength index (RSI) of 35 was neutral, yet close to an oversold territory. A reading of 30 or below would indicate that the asset is becoming undervalued and a trend reversal is likely to occur. The token is trading above its five-and 10-day moving averages, yet close to its R1 resistance level of $1.47.

Is Polygon a good investment?

Some of the biggest Polygon (MATIC) news came as the platform announced that it would be going carbon-negative in 2022, revealing its “Green Manifesto” – a $20m pledge to tackle climate change.
The crypto industry has been heavily criticised for its high electricity consumption by climate change activist groups, including Greenpeace.
By joining the green movement, Polygon is not only aiding the battle against climate change, but has the potential to catch the attention of investors who value the environment, thus building the case for a bullish Polygon MATIC price prediction.

In addition, MATIC was recently listed on Robinhood, the leading retail investment and trading platform. According to Anndy Lian, the BigONE Exchange chair in Asia, that could be an endorsement for the MATIC token.

“With the Robinhood app adding Polygon to their crypto offerings, my guess is that they are also bullish on the token. In addition, the world’s most popular NFT Marketplace, OpenSea, has some of its functions run through Polygon,” Lian told Capital.com.

The expert added that Polygon’s low fees and fast speed are the two key points that are pushing more projects to mitigate the platform.

“On top of this, MATIC made good moves to deep dive into the NFT and gaming sectors. This allows them to scale and gain popularity a lot faster than their peers,” Lian said.

According to Lian, apart from the low fees and fast scalability, the platform is also easy to use and their community and developers are very supportive.

“They are building up their ecosystem by empowering projects to build dApps easily on top of their infrastructure. Their roadmap since 2017 is very clear and this has given them a lot of followers, especially in the South Asia region,” he said.

“Overall, MATIC is an exciting blockchain in the market. The demand of the token will continue to grow as long as ETH 2.0 is still not out.”

MATIC price prediction 2022 – 2025, 2030

Despite recent bearish MATIC token price action, algorithm-based forecasting service Wallet Investor gave a bullish MATIC coin price prediction at the time of writing (19 April).
The site noted that MATIC is “an awesome investment”, adding that it has a long-term earning potential.

Based on its analysis of past price performance, the website expected that the token could cost $2.439 in 2023 and jump to $6.701 by 2027.

DigitalCoinPrice supported the positive MATIC to USD forecast, but projected a much slower pace of growth in the following years, predicting that the token could rise to $1.98 by the end of 2022, $2.50 by the end of 2024 and $3.15 by the end of 2025, surpassing its December 2021 all-time high.

For the end of 2028, the site gave a $4.41 Polygon price target. Its long-term MATIC future price prediction suggested that the cryptocurrency could have the potential to reach $6.89 by 2030.

Note that price predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence. And never invest or trade money you cannot afford to lose.

Polygon (MATIC) price prediction: The bottom line

The green transition and Robinhood listing appear to be fuelling the bull case for the MATIC coin, in line with the upbeat predictions from algorithm-based forecasting sites.
There are many factors at play for the future of the coin, from the overall macroeconomic environment, acceptance of the crypto markets and the level of adoption. Always remember that your decision to trade should depend on your attitude to risk, your expertise in this market, the spread of your investment portfolio and how comfortable you feel about losing money. Crypto markets are  very volatile and involve high risk. Never invest money that you cannot afford to lose.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j