Since Meta’s announcement that it would extend its Instagram digital collectibles functionality to accommodate NFTs issued on the Flow blockchain, the FLOW token has appreciated.
FLOW Increases as Meta Widens NFT Deployment
It looks like Flow is profiting from Meta’s large NFT play.
According to CoinGecko statistics, the FLOW token of the blockchain focused on NFTs has increased 52,2 percent during the previous 24 hours. The coin increased in value shortly after Meta stated it will extend its NFT functionality to 100 countries and add Flow to its list of supported blockchains on Thursday afternoon.
Dapper Labs, the blockchain development firm behind the successful NFT products CryptoKitties and NBA Top Shot, introduced Flow. Andreessen Horowitz, Coinbase Ventures, and Digital Currency Group are among its supporters.
Flow grew rapidly in 2021 as NFTs flourished, but the upswing was brief. FLOW reached an all-time high of $42.40 in April 2021, but failed to achieve new heights following the market crisis. Except for a few blue chip collections such as Bored Ape Yacht Club and Fidenza, the NFT market and NFT-centric initiatives such as Flow have been negatively affected by crypto’s months-long decline. Even with today’s gain, it remains around 93.2 percent behind its all-time high.
In recent months, Meta has suggested that it is willing to place large wagers on the digital collectibles market and other Metaverse-related industries, despite dwindling attitude among collectors and artists. Since rebranding from Facebook in October, the social media behemoth has disclosed that it spent $10 billion in developing its vision for the Metaverse in 2017. The company’s most recent quarterly financial report disclosed that its Metaverse subsidiary Reality Labs continues to lose money, incurring a $2.8 billion loss in the second quarter.
Despite the fact that Mark Zuckerberg has yet to see a return on his investment in the Metaverse, the company has still ventured into the sector. The Instagram NFT launch is a significant first step, but earlier this year, Zuckerberg suggested that a comparable product may potentially be made available on Facebook. In a May interview, he justified the business’s intention to explore NFTs, stating that the corporation wants to empower inventors. “I believe a significant portion of what we need to do is focus on all of the numerous ways artists may earn money,” he added.
The Instagram NFT functionality will first be available in Africa, Asia-Pacific, the Middle East, and the Americas, and will handle Ethereum, Polygon, and Flow assets.