Instagram Adds Flow Blockchain NFTs, FLOW Token Pumps 44%

  • Instagram has added support for Flow-based NFTs as it expands its NFT initiative into more than 100 total countries.
  • FLOW has surged in price as a result, up about 44% over the past 24 hours.

Instagram is expanding Its NFT Initiative In more than 100 countries internationally, parent company Meta announced today, as well as adding support for NFT Created on the flow blockchain, As a result now Flow is pumping tokens.

FLOW is up nearly 44% over the past day, per data from CoinGecko, with nearly all of that rise coming since Meta’s announcement this morning. As of this writing, FLOW is trading at $2.76 per token, with the latest price action bringing its 30-day rise to nearly 72%.

Instagram’s extensive integration allows collectors to display verified Flow NFTs on their accounts in Meta’s photo-sharing service. initiative first launched in the US It has expanded to include select users in May, and now also countries in Asia, Africa and the Middle East.

This feature lets users connect a supported crypto purse Both the owner and the original creator are automatically held responsible with the asset, choosing to prove and demonstrate ownership of NFT collectibles.

An NFT is a blockchain token that acts like a deed of ownership to an item, including digital goods like profile pictures, artwork, collectibles, and video game items. The NFT market rose to prominence in 2021, generating some $25 billion worth of trading volume. Already in 2022, the market has yielded north of $20 billion in sales.

Flow was created by Dapper Labs and is best known for Dapper’s own sports NFT projects, which include nba top shot, nfl all dayAnd UFC Strike, However, it is an open blockchain platform that is used by a range of other projects, including notable people such as Avatar Creator. agencies And Kids Collectibles App, Zigazoo,

Along with news of Flow support, Meta also announced that users can now connect a Dapper Wallet or Coinbase Wallet as part of Instagram’s expanding Web3 support. It appears that Instagram’s NFT initiative is still not fully open to the public, but it is opening up to more people.

In May, Meta announced that Instagram would begin integrating support for NFT collectibles. Getting started with Ethereum and Polygon-based assets, Ethereum is the leading blockchain network for NFTs, while polygon is an ethereum Side chain Which enables faster, cheaper and more energy efficient transactions.

Instagram also plans to add support for Solana NFTs, as announced in May. In June, Instagram’s sister company Facebook similarly began testing support for Ethereum and Polygon NFTs on profiles, and likewise revealed plans to add Flow and Solana support down the line.

Insisting on coming meta metaverseAs the parent company of Instagram and Facebook Changed its name last fall (From Facebook Inc.) As it revealed its grand vision for the next generation of the Internet that is navigated in immersive 3D space with avatars.

Blockchain networks and NFTs are expected to be a part of an open, interoperable metaverse, and many crypto builders are developing the technology to enable that vision. Meta founder and CEO Mark Zuckerberg has hinted that he’s interested in enabling interoperable assets as part of his platform, but Meta has yet to detail how open its metaverse will truly be.

However, not everyone is looking forward to the presence of Facebook, although some expect a decentralized metaverse. Notable Metaverse investor Yat Siu, founder and president of Animoca Brands, Told decrypt Last year That tech giants like Facebook and Tencent are a “threat” to an open, interoperable, blockchain-powered metaverse.

Facebook’s metaverse ambitions have also encountered resistance from regulators. Last week, the United States Federal Trade Commission (FTC) sued Meta to try and stop its planned acquisition of startup Within, which makes the popular VR fitness app, Supernatural.

“Meta will be one step closer to its ultimate goal of owning the entire ‘metaverse’” if the startup is allowed to buy out, regulators alleged in a filing.


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