- FLOW is up over 50% today.
- The uptick comes after Meta announced that it would be expanding its Instagram NFT feature to support Flow NFT.
- The NFT market has been hit hard by the ongoing crypto crisis, but Meta is betting big on the technology as it strives to build the Metaverse.
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FLOW is up 52.2% in the last 24 hours.
FLOW Increases as Meta Expands NFT Rollout
Flow seems to be benefiting from Meta’s great NFT game.
According to data from CoinGecko, the NFT-centric blockchain token FLOW has increased by 52.2% in the last 24 hours. The token rallied Thursday afternoon minutes after Meta announced that it would expand its NFT feature to 100 countries and add Flow to its list of supported blockchains.
Flow was launched by Dapper Labs, the blockchain development company behind the successful CryptoKitties and NBA Top Shot NFT projects. Its backers include giants like Andreessen Horowitz, Coinbase Ventures, and Digital Currency Group.
The flow saw rapid growth in 2021 as NFTs surged, although the peak was short-lived. FLOW reached a high of $42.40 in April 2021 but failed to make new highs after the market crashed. Except for a few blue-chip collections like Bored Ape Yacht Club and Fidenza, the NFT market and NFT-focused projects like Flow have suffered in the months-long crypto slump. Even after today’s rally, it is still 93.2% below its all-time high.
Despite the waning sentiment among collectors and artists, Meta has signaled that it is ready to bet big on the digital collectibles space and broader Metaverse-related fields in recent months. Since Facebook’s rebranding in October, the social media giant has revealed that he spent $10 billion building his vision for the Metaverse last year. The company’s latest quarterly earnings report revealed that it is still losing money through Reality Labs, its Metaverse arm, posting a $2.8 billion loss in the second quarter.
Still, while Mark Zuckerberg has yet to see a return on his investment in the Metaverse, that hasn’t stopped the company from venturing into the space. The Instagram NFT launch is a great first step, but Zuckerberg hinted earlier this year that a similar product could launch on Facebook as well. He explained the company’s decision to pursue NFTs in May, saying in an interview that the company wants to support creators. “I think a big part of what we need to do is really support each other in all the different ways that creators can make money,” he said.
Instagram’s NFT feature will initially launch via Africa, Asia-Pacific, Middle East and Americas with support for assets on Ethereum, Polygon and Flow.
Disclosure: At the time of writing, the author of this article owned ETH, MATIC, some Otherside NFTs, and several other fungible and non-fungible cryptocurrencies.