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Ethereum (ETH) Competitor Pumps Nearly 35% After Announcing New Instagram NFT Partnership

A layer 1Blockchainwhich for non-fungible tokens (NFTs) is booming after being integrated into a major social media platform.
In a new announcement, social media giant Meta says that NFTs based on the Flow (FLOW)blockchain will start posting on Instagram’s new digital collectibles feed.

Flow is a decentralized Ethereum (ETH) Competitor tailored for games, app developers and NFT creators.

The protocol builds functional enhancements directly onto its protocol layer that allow users to make payments and participate in the governance of the network. Ecosystem partners include brand names such as Warner Music, the NBA and Ubisoft.

News of the meta-announcement sent Flow’s native token vertical, jumping 99% from $1.86 to $3.77 at one point before correcting. At the time of writing, the altcoin is up 37% in the last 24 hours and is trading at $2.56.

investment tip Ethereum (ETH) Competitor Pumps Nearly 35% After Announcing New Instagram NFT Partnership, Crypto Trading News

Back in March, Meta CEO Mark Zuckerberg first announced plans were in the works for photo-centric Instagram to integrate NFTs into its platform.

Then, in May, he said that Instagram would soon begin rolling out its NFT capabilities, and that rollout would later begin on Facebook and other apps under the Meta umbrella.

Crypto users can connect multiple wallets to their Instagram accounts and share their digital collectibles, with the app automatically tagging both the creator and the owner. Currently, the feature is free for both posting and sharing.

In addition to Flow, the Ethereum and Polygon (MATIC)-Blockchains are supported on Instagram.

Last month, Meta announced that it was abandoning the Novi crypto wallet while saying the technology would be applied to future products.

Mark Zuckerberg has announced that we will be launching digital collectibles in 100 more countries. Now more people, creatives and businesses can showcase their #NFTs on @instagram.

We are also launching integrations with @CoinbaseWallet @hellodapper and support for @flow_blockchain.

— Meta Newsroom (@MetaNewsroom) August 4, 2022

Featured image: Shutterstock/Nadiia_Semyroz/Sol Invictus

Source: Crypto News Deutsch

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