Since Meta revealed it would expand its Instagram digital collectibles feature to include Flow NFTs, the FLOW token has increased in value by over 50%.
FLOW Rises as Meta Expands NFT Rollout
Meta’s obvious embrace of NFTs is driving up the price of Flow.
The FLOW token of the NFT-focused blockchain has increased by 52.2% in the past 24 hours, according to CoinGecko data.
The price of the cryptocurrency rallied Thursday afternoon when Meta announced that it would expand its NFT attribute to 100 countries and added Flow to its list of supported blockchains.
Dapper Labs, the blockchain development company behind CryptoKitties and NBA Top Shot, introduced Flow. Its investors include Andreessen Horowitz, Coinbase Ventures, and Digital Foreign Money Group, among others.
Following the enormous growth of NFTs in 2021, Flow saw a significant surge in popularity. FLOW rose to $42.40 in April 2021, but it did not reach new heights after the market fell.
The NFT market and NFT-focused projects like Flow have taken a hit in crypto’s months-long downturn, with the exception of a few blue chip NFT Collections such as Bored Ape Yacht Club and Fidenza.
Despite today’s rally, it’s still 93.2 percent short of its all-time high.
Despite waning sentiment among collectors and artists, Meta has signaled that it’s ready to bet big on the digital collectibles space and broader Metaverse-related fields over recent months.
The social media behemoth, Facebook which is now Meta, has said it spent $10 billion building its Metaverse vision last year since rebranding from Facebook in October. Reality Labs, the firm’s Metaverse arm, continues to lose money, posting a $2.8 billion second-quarter deficit in the company’s latest quarterly earnings report.
Regardless of this, while Mark Zuckerberg has yet to see a return on his Metaverse investment, the company has continued to explore the technology.
The Instagram NFT launch is a significant first step, but Zuckerberg previously indicated that a comparable product might eventually appear on Facebook.
In May, he revealed the firm’s decision to embrace NFTs during an interview, explaining that it aims to support creators.
“I think a big part of what we need to do is really lean into all of the different ways that creators could make money,” he said.
The Instagram NFT feature will initially be available in Africa, Asia-Pacific, the Middle East, and North America, with support for ERC20, Polygon, and Flow assets.