Instagram’s NFT effort is being expanded internationally to more than 100 countries, according to parent firm Meta, and it is also adding support for NFTs issued on the Flow blockchain. As a result, the FLOW token is currently pumping.
According to CoinGecko data, FLOW is up about 44 percent in the last day, with nearly all of that increase occurring after Meta’s announcement this morning. As of this writing, FLOW is trading at $2.76 per token, bringing its 30-day increase to over 72 percent.
Instagram’s growing connection allows collectors to display their verified Flow NFTs on their Meta account. The effort began in May with a limited number of customers in the United States and has since grown to include nations in Asia, Africa, and the Middle East.
Users can utilize the feature to connect a supported crypto wallet to prove ownership of NFT collectibles and choose which ones to show, with the owner and original creator immediately attributed alongside the asset.
An NFT is a blockchain token that functions as a deed of ownership for digital assets such as profile photographs, artwork, collectibles, and video game items. The NFT market rose to prominence in 2021, with a trading volume of $25 billion. Already in 2022, the market has generated sales in excess of $20 billion.
Dapper Labs created Flow and is most known for Dapper’s own sports NFT products, such as NBA Top Shot, NFL All Day, and UFC Strike. It is, however, an open blockchain platform that is used by a variety of other businesses, like the avatar creation Genies and the kids’ collectibles app Zigazoo.
In addition to Flow support, Meta stated that users can now link a Dapper Wallet or Coinbase Wallet as part of Instagram’s growing Web3 support. Instagram’s NFT effort looks to be still not entirely available to the public, but it is expanding its reach.
Instagram said in May that it would begin incorporating support for NFT collectibles, beginning with Ethereum and Polygon-based assets. Polygon is an Ethereum sidechain that offers faster, cheaper, and more energy efficient transactions. Ethereum is the dominant blockchain network for NFTs.
As previously stated in May, Instagram intends to introduce support for Solana NFTs. Instagram’s sister company, Facebook, began testing support for Ethereum and Polygon NFTs on profiles in June, and also indicated intentions to add Flow and Solana support in the future.
The parent company of Instagram and Facebook, Meta, changed its name last October (from Facebook Inc.) when it presented its lofty vision for a next-generation internet that is accessed using avatars in immersive 3D places.
Blockchain networks and NFTs are intended to be part of an open, interoperable metaverse, and many cryptocurrency developers are working on the technology to make that vision a reality. Mark Zuckerberg, the creator and CEO of Meta, has stated that he is interested in enabling interoperable assets as part of his platform, but Meta has yet to specify how open its metaverse will be.
However, not everyone is thrilled with Facebook’s involvement in what some believe would be a decentralized metaverse. Last year, Yat Siu, founder and chairman of major metaverse investor Animoca Brands, said that tech behemoths such as Facebook and Tencent pose a “threat” to an open, interoperable, blockchain-powered metaverse.
Regulators have also been skeptical of Facebook’s metaverse ambitions. The US Federal Trade Commission (FTC) sued Meta last week in an attempt to halt its planned acquisition of company Within, which produces the popular VR fitness app Supernatural.
If Meta is permitted to buy the business, it will be “one step closer to its ultimate ambition of owning the entire’metaverse,'” authorities said in a filing.