A Level 1 blockchain designed for non-fungible tokens (NFTs) is soaring after being integrated into a major social networking platform.
In a new announcement, the social media giant Meta says that NFTs created on the Flow (FLOW) blockchain will begin to be published on Instagram’s new digital collectibles feed.
Flow is a decentralized Ethereum (ETH) competitor designed for gaming, app developers, and NFT creators.
The protocol builds functional improvements directly into its protocol layer, which allows users to make payments and participate in network governance. Ecosystem partners include brands such as Warner Music, the NBA and Ubisoft.
News of Meta’s announcement sent Flow’s native token skyrocketing, at one point jumping 99% from $1.86 to $3.77 before the correction. At the time of writing, the altcoin is up 37% in the last 24 hours and is trading at $2.56.
In March, Meta CEO Mark Zuckerberg first revealed that 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 NFT features, and that adoption would begin later on Facebook and other apps under the Meta umbrella.
Crypto users can link multiple wallets to their Instagram accounts and share their digital collectibles, with the app automatically tagging both the creator and owner. The feature is currently free to both publish and share.
In addition to Flow, Ethereum and Polygon (MATIC) blockchains are supported on Instagram.
Last month Meta announced it was abandoning the Novi crypto wallet, while saying the technology would be implemented in future products.
— Meta Newsroom (@MetaNewsroom) August 4, 2022
Disclaimer: The views expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and that any losses are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Nadiia_Semyroz/Sol Invictus