This NFT-linked cryptocurrency just rose to a top-30 spot

What happened

Today’s rally in crypto markets has surprised many investors, given the “good news is bad news” reality we are now seeing play out. Last week’s strong jobs numbers indicated to investors that the Federal Reserve may be less likely to take its foot off the gas pedal when it comes to raising interest rates. Nonetheless, the stock and crypto markets have edged higher, with the crypto sector up 3.8% overall over the past 24 hours, as of 10:15 a.m. ET on Monday.

However, one cryptocurrency that has not-so-quietly moved into a top-30 spot in the crypto market ranking is Flow (FLOW). This crypto project related to non-fungible tokens (NFTs) is up 13.3% in the last 24 hours as of 10:15 ET this morning. Over the past week, the performance of this token is even more remarkable, with an increase of approximately 50% over this time frame.

The key catalyst driving Flow higher is the news that blockchain technology and the Dapper Wallet product will play an integral role in Meta his move into the NFT room. Instagram’s photo-sharing application will now support the publication of NFTs using the Flow blockchain, giving a major boost to this project that was designed from the ground up to revolutionize the NFT space.

So what

Flow’s blockchain technology appears to have caught the attention of Meta’s upper brass, with this purpose-built NFT platform getting the nod to be used in the company’s impressive NFT rollout. Reportedly, this international NFT expansion to more than 100 countries will enable users from all over the world to post their non-fungible tokens minted on the Flow blockchain.

Dapper Labs, the company behind the Flow blockchain, is known for its portfolio of top NFT projects. Whether it’s CryptoKitties, NBA Top Shot, or UFC Strike, NFT investors have long sought out Flow’s collectibles, given this project’s pioneering status in many sports-related collectibles. Instagram looks set to partner with Flow given its position in what could be a massive market in the long term.

What now

How successful Instagram’s foray into the NFT world will be is something that will be determined over time. But the vote of confidence that Flow investors received from this integration is remarkable. From a technology standpoint, investors have a lot to cheer about with this partnership.

Key figures investors should look at from here are NFT transaction volumes on Flow’s blockchain, as well as user growth and adoption over time. Right now, Flow is a symbol with some serious momentum. Consequently, if this broad-based rally continues, this is a project with great potential, at least in the short term.