Short
- Instagram has added support for Flow-based NFTs as it expands its NFT initiative to over 100 countries in total.
- Flow price has increased by about 44% in the last 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 has increased by about 44% over the previous day, per data coingecoAlmost all the enhancements since Meta’s announcement this morning are coming. At the time of writing, FLOW is trading at $2.76 per coin, with the latest price action showing its 30-day gain of 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.
NFT is a blockchain token that acts like a deed of ownership of an item, which includes digital goods such as profile pictures, artwork, collectibles and video game items. The NFT market grew prominently in 2021, causing some $25 billion value 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 the news of Flow support, Meta also announced that users can now connect Dapper Wallet or Coinbase Wallet as part of Instagram’s expanded 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 is also planning to add support for solana NFT, as announced in May. In June, Instagram’s sister company Facebook Support testing started The profile also revealed plans to add Flow and Solana support to the line, for Ethereum and Polygon NFTs, and likewise.
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 part of an open, interoperable metaverse, and many crypto builders are developing technology to enable that vision. Mark Zuckerberg, founder and CEO of Meta is indicated That it is interested in enabling interoperable assets as part of its platform, but Meta has yet to elaborate on how open its Metaverse will actually 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 faced resistance from regulators. Last week, the United States Federal Trade Commission (FTC) Sue Meta To try and stop its planned acquisition of the startup that makes 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.