Today the price of FLOW is rising and rising. It rose about 45% in the morning to hit a new two-month high of $2.7681 before pulling back slightly to its current price of $2.58.
At the time of writing, FLOW was still green and exhibiting a lot of bullish momentum. But why did the FLOW token register create a huge pump today? What will happen to Flow blockchain?
Here’s a comprehensive dive into the forces behind today’s FLOW token pump.
Why the FLOW price suddenly pumped today?
Today, Meta (formerly Facebook) announced that it had started the Instagram NFT integration and was going to add support for NFTs created on the Flow blockchain.
On May 10, Meta announced that Instagram would integrate NFT collectibles, starting with Ethereum and Polygon-based NFTs. The addition of Flow to the list came almost as a surprise and it could explain the sudden rise in the price of the FLOW token.
Ethereum is the leading blockchain network for NFTs, while Polygon is an Ethereum Layer-2 solution that enables faster, cheaper and more efficient transactions. Flow therefore becomes the only other Layer-1 blockchain that Instagram has integrated so far after Ethereum
Instagram also plans to add support for Solana NFTs.
Facebook, a sister social media platform to Instagram, began testing support for Polygon and Ethereum in June and has also revealed plans to add Solana and FLOW.
Adding support for NFTs minted on the Flow blockchain will allow Instagram users to link digital wallets and showcase their verified Flow NFTs. The initiative was first launched in the US, but today’s announcement marks the beginning of expansion to more than 100 countries in Africa, the Americas, the Middle East and Asia-Pacific.
In addition to adding support for Flow NFTs, Meta also offers: announced that it has also added support for Dapper Wallet and Coinbase Wallet. Both Dapper Wallet and Flow are products of the same company called Dapper Labs, which is also best known for its own sports NFT projects, including the NBA Top Shot, NFL All Day, and UFC Strike.
Meta has been pushing his metaverse plan hard since it was rebranded from Facebook last fall. It recently unveiled its grand vision for a next-generation internet navigated with avatars in an immersive 3B space.