what happened
This week, the focus was on corporate adoption of cryptocurrencies. meta platform (meta) Subsidiary Instagram has significantly expanded its NFT offering. Instagram now officially supports his NFT in 100 countries. flow (flow) A blockchain that provides the backend infrastructure behind this effort. So there’s been a surprising amount of interest in Flow over the past few days. In fact, at 10am ET, the token surged 45% in just 24 hours.
Flow, a Layer 1 network that already supports popular NFT projects like NBA Top Shot and CryptoKitties, will support NFTs with this Instagram rollout. Flow’s Dapper Wallet product is one of two wallets available on the platform.
So what
Meta’s foray into a lesser-known but fast-growing segment of the tech market raises eyebrows. Aside from the social media giant’s name change and shift of focus to the Metaverse, it’s clear the company is looking beyond its current business to “more grown” areas of the market worth ruling. The fact that NFTs were chosen as a focus is notable for investors.
Now, ethereum When polygon NFTs were already featured on Instagram’s NFT project through a May pilot. Solana NFTs will be added over time, and the inclusion of Flow provides a vote of confidence for the underlying blockchain technology and its NFTs for this project. Flow investors have good reason to welcome this rollout, which has been greeted with serious enthusiasm so far.
So
It’s important to keep this recent rise in Flow in line. Indeed, his one-month chart for Flow Crypto looks appealing. But as investors zoomed out, the cryptocurrency’s long-term performance has been disastrous, with the token dropping more than 90% from its peak about a year ago.
That said, Flow is a project that’s starting to look appealing when it comes to the crypto that seems to be integrated and laying the groundwork for these lower levels. can lead to significant growth. And given the NFT projects Flow already supports, this partnership could take Flow to the next level.
Randy Zuckerberg, former director of market development and spokeswoman for Facebook and sister of Meta Platform CEO Mark Zuckerberg, is a member of the Motley Fool’s board of directors. Chris MacDonald has held positions at Ethereum, Meta Platforms, Inc., and Solana. The Motley Fool has positions in and recommends Ethereum, Meta Platforms, Inc., Polygon, and Solana. The Motley Fool’s U.S. headquarters has a disclosure policy.
