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

Layer 1 blockchains designed for non-fungible tokens (NFTs) are proliferating after being integrated into major social media platforms.

In a new announcement, social media giant Meta To tell NFTs created on the FLOW blockchain will begin posting to Instagram’s new digital collections feed.

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

The protocol builds functional improvements directly into the 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, NBA and Ubisoft.

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

Back in March, Meta CEO Mark Zuckerberg first revealed that photo-centric Instagram had plans underway to incorporate NFTs into its platform.

And in May, he said that Instagram would soon launch an NFT feature, followed by adoption by Facebook and other apps under the Meta umbrella.

Cryptocurrency users can connect multiple wallets to their Instagram accounts and have the app automatically tag both creators and owners to share their digital collections. This feature is currently free for both posting and sharing.

In addition to Flow, Ethereum and Polygon (MATIC) blockchains are supported by Instagram.

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

Mark Zuckerberg has announced that he is expanding his digital collectibles to 100 more countries.More people, creators and businesses can now showcase their work #NFTs upon @Instagram.

We are also starting to integrate with @coinbase wallet @hellodapper and support @flow_blockchain.

MetaNewsroom (@MetaNewsroom) August 4, 2022

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