Home » 3 Cryptos to Watch as Meta Makes Major NFT Moves

3 Cryptos to Watch as Meta Makes Major NFT Moves

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There is always an abundance of news in the crypto world. Most of this news has been bearish lately, related to systemic concerns and the bearish backdrop of the sector. However, there are always cryptocurrencies to watch for investors looking for positive price momentum, and there are many interesting positive catalysts to consider.

It’s hard to take any news positively right now.However news At the end of last month, investors meta (Nasdaq:meta) has integrated non-fungible token (NFT) sharing into the Instagram platform after months of testing yielding regular profits in certain cryptocurrencies.

The idea of ​​users being able to create their own digital collectibles on Instagram and sell these tokens to fans both on and off the platform is exciting to many who are bullish on NFTs. In this announcement, Meta emphasized working with various NFT blockchains such as: polygon (MATIC-USD) When Solana (SOL-USD), which accomplishes this (more on these tokens later).

The platform has now launched this feature in about 100 countries. This allowed users to refer her NFTs and connect their digital wallets.

With this major move by meta, it looks like the otherwise depressed crypto market could become the catalyst for a revival. I want major news.

That said, there are three cryptocurrencies to watch as Meta enters the crypto world in a big way.

Polygon (MATIC-USD)

Source: sdx15 / Shutterstock.com

First on the list of notable ciphers following this news is Polygon. As mentioned above, Polygon is one of the blockchains included in the digital collection feature rollout announced by Meta. This is not surprising given that Polygon is the leading blockchain used for small transactions such as NFTs.

Ann ethereum (ETH-US Dollar) Polygon, a Layer 2 scaling solution, inherently enables faster and cheaper transactions on the Ethereum blockchain. Given the size of Ethereum’s network, congestion has caused relatively high fees and delays across the network for years. Therefore, someone looking to complete a transaction cheaply on Ethereum will often first use his Polygon to execute the transaction.

Polygon’s low transaction fees make it the go-to platform for avatar NFT trading on Reddit. It is also famous for its development. disneyof (NYSE:DIS) entertainment-related digital collections. This is one of the many bright spots for considering Polygon as a viable investment option.

Some analysts believe that Meta’s move to Polygon could actually support the MATIC token in a bear market. The project is therefore clearly one of the cryptos to watch for those concerned about the current market dynamics.

Solana (SOL-USD)

Solana logo on phone screen stock image. Solana price prediction.

Source: sdx15 / Shutterstock.com

Solana, one of the most divisive blockchains out there, has recently been hit very hard by contagion-related concerns related to its demise. FTX (FTT-USD) (and holding SOL).

That said, the amount of NFT-related activity on the Solana blockchain is noteworthy. This is partly due to Solana’s speed and cost advantages over other Layer 1 networks.

Solana currently has quite a few problems. Aside from being involved in the FTX debacle, this is a network that has experienced a series of slowdowns and outages in the recent past.

However, Solana’s ability to handle tens of thousands of transactions per second can be processed at a fraction of a cent, making it an ideal location for NFT trading. So it’s clear why the network’s SolSea NFT marketplace launch has been relatively successful recently.

This is certainly one of the top cryptos that investors who are bullish on NFTs in the long term should look out for.

Arweave (AR-USD)

The Arweave logo representing the AR token.

Source: WindAwake / Shutterstock.com

Founded in 2017, arweave (AR-USD) is a project with a remarkable purpose. This network seeks to create a “permaweb” that permanently stores user data in an inherently decentralized and secure manner. If you have extra computing power on your hard drive, renting this storage out to the network will generate revenue over time.Airbnbs (Nasdaq:ABNB) for distributed storage. ” Many in the crypto community believe that this should become a significant vertical at some point.

Like other tokens on the market, Arweave has struggled recently.That said, Meta’s announced move to integrate NFTs within Instagram is a massive 75% spike with the Arweave value.

This is because Meta has announced that Arweave will act as a decentralized storage service, allowing the entire program to run. If successful, Arweave could continue to be a beneficiary as more companies and institutions will adopt it.

Now, it’s unclear how far this whole NFT integration will ultimately go. But for anyone bullish on his NFT future in the mainstream, Arweave is a unique pick-and-shovel play in this space and worth considering.

As of the date of publication, Chris MacDonald did not hold any positions (directly or indirectly) in the securities referenced in this article. The opinions expressed in this article are those of the subject author of InvestorPlace.com. Publication guidelines.

Chris MacDonald’s love of investing has led him to pursue an MBA in Finance and take on many management positions in corporate finance and venture capital over the past 15 years. His past experience as a financial analyst, combined with his dedication to finding undervalued growth opportunities, contributes to his conservative, long-term investment perspective.

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