Three altcoins are pumping thanks to Meta and Instagram. Is their price action sustainable?
- Altcoins Partner With Meta, Instagram
- Long-Term Prospects
Altcoins Partner With Meta, Instagram
The Blockchains that will be supported are Ethereum and @0xPolygon, with @flow_blockchain and @solana coming soon.
Compatible third-party wallets include @rainbowdotme, @MetaMask and @TrustWallet to start, and @CoinbaseWallet, @hellodapper and @phantom in the near future.
— Instagram (@instagram) May 10, 2022
Meta and Instagram have announced separate partners for their web3 initiatives. Meta (formerly Facebook) will be working with layer-2 scaling solution Polygon for their NFTs that will be heavily featured in their upcoming metaverse. Even after an onslaught of bad press — due to a bad earnings quarter — Meta currently has almost 3 billion monthly users.
Meanwhile, Instagram will be working with Ethereum, Polygon, Solana, and Flow. Instagram is owned by Meta however it operates independent of the Mark Zuckerberg-led Meta. Unlike Meta, Instagram appears focused on NFTs as art rather than building a metaverse.
Instagram hinted at incorporating NFTs into their platform back in December of 2021. Instagram currently has 2 billion monthly users.
So far, it appears Polygon’s MATIC and FLOW are the biggest winners. Both tokens are up over 10% in the last 24 hours. Matic is trading in $0.93 USD range, while Flow is trading just above $4 USD.
The Sam Bankman-Fried supported Solana is only up 5% on the news. The proof-of-history protocol is trading in the 69 USD range.
The pump thanks to the social media giants partnership announcement may not be over just yet. Meta teased that, “Starting this week, you may start to see digital collectibles on @instagram.” Though, Coinbase’s recent NFT marketplace didn’ quite have the effect most anticipated.
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