Flow Rises Over 50% on Meta NFT Support News
Important takeaways
- FLOW is up over 50% today.
- The rally comes after Meta announced that it would be expanding its Instagram NFT feature to support Flow NFTs.
- The NFT market has been hit hard in the ongoing crypto downturn, but Meta is betting big on the technology as they strive to build out the Metaverse.
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FLOW has increased by 52.2% in the last 24 hours.
FLOW increases as Meta expands NFT rollout
Flow looks to benefit from the Meta’s large NFT play.
Per data from CoinGecko, the NFT-focused blockchain’s FLOW token has jumped 52.2% in the past 24 hours. The token surged Thursday afternoon minutes after Meta announced it would expand its NFT functionality to 100 countries and add Flow to its list of supported blockchains.
Flow was launched by Dapper Labs, the blockchain development company behind popular NFT projects CryptoKitties and NBA Top Shot. Its backers include giants like Andreessen Horowitz, Coinbase Ventures and Digital Currency Group.
Flow saw rapid growth in 2021 as NFTs boomed, although the high was short-lived. FLOW peaked at $42.40 in April 2021, but failed to reach new highs after the market crashed. With the exception of a few blue chip gatherings like Bored Ape Yacht Club and Fidenza, the NFT market and NFT-focused projects like Flow have suffered during crypto’s months-long downturn. Even after today’s rally, it’s still about 93.2% below its all-time high.
Despite waning sentiment among collectors and artists, Meta has signaled it’s ready to bet big on the digital collectible and broader Metaverse-related fields in recent months. Since rebranding from Facebook in October, the social media giant has revealed that it sunk $10 billion into building its vision for Metaverse last year. The company’s latest quarterly earnings report revealed it’s still blowing money through its Metaverse arm Reality Labs, with a loss of $2.8 billion in the second quarter.
Still, while Mark Zuckerberg has yet to see a return on his investment in Metaverse, that hasn’t stopped the firm from venturing into the space. The Instagram NFT launch is a big first step, but Zuckerberg hinted earlier this year that a similar product could also go live on Facebook. Explaining the company’s decision to pursue NFTs in May, he said in an interview that the company wants to support creators. ““I think a big part of what we need to do is really lean into all the different ways creators can make money,” he said.
The Instagram NFT function will initially go live Africa, Asia-Pacific, Middle East and Americas with support for assets on Ethereum, Polygon and Flow.
Disclosure: At the time of writing, the author of this piece owned ETH, MATIC, some Otherside NFTs, and several other fungible and non-fungible cryptocurrencies.
