Instagram NFTs initiative now includes more than 100 countries. Some of these countries now include collectables from the Flow blockchain.
The Reality Of FLOW Blockchain
The reality of the situation is this; instagram is expanding its NFT initiative to more than 100 countries. This information was announced by the parent company Meta in the early hours of the day. Furthermore, Instagram is also adding support for NFTs created on the Flow blockchain. Due to this recent development, the FLOW token is now pumping.
FLOW is up by a staggering 44% over the past couple of hours, according to data from CoinGecko. The report also confirmed that a lot of the rise came from Meta’s announcement this morning.
As at the time of writing, FLOW is trading at $2.62 per token. Its latest price action has now brought the token’s 30-day rise to about 72%.
Instagram’s expanding integration lets collectors showcase their verified Flow NFTs. Especially on their account in Meta’s photo-sharing service. The initiative was first launched in the U.S. to select users in May. Now, it has expanded to include countries in Asia, Africa, and the Middle East as well.
The feature lets users connect a supported crypto wallet to prove ownership of NFT collectibles and choose which ones to display, with both the owner and original creator automatically attributed alongside the asset.
The NFT Market
An NFT is a blockchain token. One that acts like a deed of ownership to an item on the internet. these items may include digital goods like profile pictures, artworks, collectibles, and video game items.
The NFT market rose to prominence in 2021, generating a whooping amount of about $25 billion worth of trading volume. Currently, in 2022 the market has has yielded more than $22 billion in sales.
Flow was created by the a blockchain company called Dapper Labs. Dapper Labs is a Vancouver-based blockchain company specializing in making video games.
It has developed games such as Cryptokitties, NBA Top Shot, and Cheeze Wizards. The company’s platform is Flow. A blockchain that allows for users to access consumer applications, games, and digital assets. However, its an open blockchain platform used by an array of other projects, including notable ones like avatar creator Genies and Kids’ collectables app, Zigazoo.
FLOW Blockchain And Web3 Support
The news of Flow support didn’t come on its own. Along with the news was the news, Meta made a big announcement to users. Users can now connect a Dapper wallet or a Coinbase Wallet as part of Instagram’s expanding Web3 support. It appears that Instagram’s NFT initiative is still not fully open to the public. However, it is gradually opening up to more of people as time goes by.
In May, Meta announced that Instagram would begin integrating support for NFTs collectibles. They intend to start with Ethereum and Polygon-based assets. Ethereum is the current leading blockchain network for NFts and Polygon is its side-chain. The side-chain – polygon – is enables faster, cheaper and more energy efficient transactions.
Apparently, Instagram also plans to add support for Solana NFTs, as announced in May. In June, Instagram’s brother company Facebook, also began testing support for Ethereum and Polygon NFTs. They do this on profiles and also intend to add FLOW and Solana support down the line.
Meta is seriously pushing on the coming Metaverse, as the parent company of facebook, Instagram and Whatsapp change its name to Meta. It did this while revealing its grand vision for a next-generation internet that is navigated with avatars in immersive 3D spaces.