According to CoinGecko data, FLOW has risen nearly 44% in the past day. Nearly all of this increase occurred since Meta’s announcement today. FLOW trades at $2.76 per token as of this writing. The latest price action brings its 30-day increase to almost 72%.
With Instagram’s growing integration, collectors can now showcase verified Flow NFTs in Meta’s photo sharing service. In May, the U.S. first launched the initiative to select users. It has since expanded to include countries from Asia, Africa and the Middle East.
This feature allows users to connect to a supported crypto wallet and prove ownership of NFT collection items. They can also choose which assets to display. Both the original creator and owner are automatically attributed to the asset.
An NFT is a token on blockchain that acts as a deed to ownership of an item. This includes digital goods such as profile pictures, artwork and collectibles. In 2021, the NFT market was a prominent one. It generated $25 Billion in trading volume. The market already has generated sales of over $20 billion by 2022.
Dapper Labs created Flow. It is most well-known for Dapper’s sports NFT projects such as NBA Top Shot and NFL All Day. It’s also an open-source blockchain platform that is used by a variety of projects including children’s collectibles app, Zigazoo, and avatar creator Genies.
Meta announced that users will now be able to connect a Dapper Wallet and Coinbase Wallet to Instagram’s growing Web3 support. Although Instagram’s NFT initiative may not be fully open to the public yet, it is slowly opening up to more people.
Meta announced in May that Instagram would start to support NFT collectibles , starting with Ethereum and Polygon assets. Ethereum, the most popular blockchain network for NFTs is Polygon, which is an Ethereum sidechain that allows faster, cheaper and more efficient transactions.
Instagram plans to support Solana FFTs as well, as was announced in May. Instagram’s sister-company Facebook also started testing support Ethereum and Polygon NFTs in profiles in June. They also revealed plans to add Flow support later on.
Meta is working hard to bring the metaverse to life. Last fall, Instagram’s parent company changed its name from Facebook Inc. as it announced its vision for an interactive 3D internet.
Many crypto builders are working to make blockchain networks and NFTs part of an open, interoperable, metaverse. Mark Zuckerberg , Meta’s CEO and founder, has indicated that he is interested in enabling interoperable assets. However Meta has not yet revealed how open its metaverse will be.
However, not everyone is happy with Facebook’s presence within what some hope will become a decentralized metaverse. Decrypt last Year Yat Siu, the founder and chairman of Animoca Brands, a prominent metaverse investor, stated that tech giants such as Facebook and Tencent pose a threat to an open, interoperable and blockchain-powered metaverse.
Regulators have also resisted Facebook’s metaverse ambitions. The United States Federal Trade Commission (FTC sued Meta last week to stop the planned acquisition by Within, a startup that makes the popular VR fitness app Supernatural.
In a filing, regulators claimed that Meta would be “one step closer to its ultimate goal to own the whole’metaverse” if it was allowed to buy the startup.