It was announced on Thursday that Meta, formerly known as Facebook, was going ahead with its NFT plans. It was putting the NFT feature into effect for its subsidiary site Instagram in one hundred different nations. The announcement did not surprise the market because the platform was already making significant advancements into the metaverse and the NFT domain. On the other hand, the long-awaited news came with the inclusion of a new participant who had not been mentioned in the plan before.
Naturally, given that NFTs cannot function without a blockchain, Meta needs to make an announcement regarding the blockchain that it will employ. Everyone had predicted that the social media behemoth would employ one of the most prominent NFT networks to execute this feature, therefore this went against everyone’s expectations. On the other hand, it disclosed that it would be working with Flow Blockchain as its official partner to host NFTs on its blockchain. The announcement immediately travelled throughout the community, which resulted in the Flow blockchain receiving a greater degree of prominence. Its price had already increased by more than one hundred percent by the end of the day, and it finally stabilised at $2.50. was doing business above Investors rushed in to take advantage of this newly acquired prominence. Since the Meta News story broke a day ago, the flood of information has not slowed down in any way at all. The cryptocurrency community has shown increased support for the digital asset, which has contributed to its meteoric rise in value. On Thursday, when the news broke, the price of Flow on the market was approximately $1.85. At the time that this article is being written, it has reached a high of $2.74 in trading. The value of the digital asset reached a new high for the past two months thanks to this.
Dapper Labs is responsible for the development of the Flow blockchain, which went live in September of 2019. Since Dapper Labs was the company that was responsible for the launch of CryptoKitties in 2017, there is a sizable network of people that back the project. After the debut of NBA Top Shot, the Flow blockchain received an increased amount of interest.
Despite this, however, the blockchain has not yet been able to reach the stage where it is able to compete with market leaders such as Ethereum and Solana. Despite this, Instagram’s widespread use suggests that it could yet emerge as a leading rival.
The swiftness of the flow has been responsible for the rising movement in the market. It has a total market capitalization of $2.8 billion, making it the 29th largest cryptocurrency at the moment. This places it in a better position than other cryptocurrencies, such as Apcoin, Algorand, and Bitcoin Cash.