Instagram is beginning to also support NFTs, which are stored on FLOW’s blockchain. The news sent FLOW up 40 percent. NFTs on Instagram are part of Facebook’s Metaverse strategy.
FLOW posted a whopping 40 percent gain overnight, making it the daily winner among the 100 most capitalized cryptocurrencies. The reason for the price jump: Mark Zuckerberg, head of Meta (formerly Facebook), has announced that NFTs from FLOW can now be presented at the subsidiary Instagram in more than 100 countries worldwide. Instagram had started integrating NFTs in May, initially limiting itself to Ethereum (ETH) and Polygon (MATIC). FLOW focuses on NFTs and has become known for doing so through projects like CryptoKitties and NBA Top Shot.
To make it easier for users to function, Instagram now supports Dapper’s wallet. Dapper is the crypto company behind FLOW. Additionally, Instagram will also be linked to the Coinbase wallet if desired. NFTs (Non-fungible Tokens) are unique and immutable tokens that are booming specifically in the arts and gaming sectors. Instagram’s NFT initiative is the forerunner of Zuckerberg’s plans to establish a metaverse around Facebook. In this virtual world, people will be able to connect large parts of their everyday lives online, from work to shopping to leisure. NFTs at Instagram are being rolled out in stages, with Asia, Africa and the Middle East now following the USA. Test runs have started at Facebook.
The price jump at FLOW symbolizes that investors believe NFTs will succeed in meta’s metaverse. For example, a valuable NFT from NBA Top Shot could now become a status symbol on Instagram. In perspective, Zuckerberg wants to make it possible to use NFTs across platforms as avatars and in 3-D as well. These visions have given Metaverse Token a rally in the second half of 2021.
Bottom line: Instagram is getting serious about NFTs – FLOW on the upswing.
For elders, it may seem like a gimmick that others are willing to spend money on virtual images and then proudly display those NFTs on social media. But successes of NFT collections like Bored Ape Yacht Club show that demand exists across all age groups. Ethereum (ETH) remains the technological foundation for much of NFT, but Solana (SOL) is also gaining market share. With more than $20 billion in revenue now in 2022, the business of NFTs is moving at a record pace. Instagram is a flagship as a globally popular platform.