Polygon’s MATIC token reaped the fruits of Polygon Labs’ business development labors this year after Meta announced it’s full suite of NFT integrations with Polygon yesterday. Since the update, MATIC rose 8% – over 6% better than ETH and BTC. Right now, no other network is doing more for mainstream adoption than Polygon.
The existing integration with Instagram will expand to Facebook, according to a Meta Platforms. Since May, Instagram users could post their existing NFTs to their feed with data from OpenSea. The latest update will allow users to start their NFT journey on Instagram or Facebook. The new features will start with Polygon support, and expand to Solana with Phantom wallet support later.
Meta’s Instagram and Facebook represent the largest potential growth opportunities Polygon Labs generated among corporate partnerships in 2022. The most notable were Reddit, Robinhood, and Starbucks.
According to Meta’s Q3 2022 earnings, 2B daily users log time on one of their social applications – more than 10,000x Polygon’s average 196k daily users. For perspective, in Q3, Polygon added 170M, or 1.9M new wallets per day after announcing Reddit would build their NFT apps on Polygon. If Reddit’s estimated 50M daily users added 180% QoQ growth, Meta’s 2B DAU could create 40x more new Polygon users.