Flow Soars Over 50% on Meta NFT Support News

Key Takeaways

  • FLOW is up over 50% as we speak.
  • The rally comes after Meta introduced it will increase its Instagram NFT characteristic to assist Movement NFTs.
  • The NFT market has been arduous hit within the ongoing crypto stoop, however Meta is betting huge on the expertise because it strives to construct out the Metaverse.

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FLOW is up 52.2% over the previous 24 hours. 

FLOW Surges as Meta Expands NFT Rollout 

Movement seems to be benefiting from Meta’s huge NFT play. 

Per knowledge from CoinGecko, the NFT-focused blockchain’s FLOW token has jumped 52.2% up to now 24 hours. The token rallied Thursday afternoon minutes after Meta introduced that it will increase its NFT characteristic to 100 international locations and added Movement to its listing of supported blockchains. 

Movement was launched by Dapper Labs, the blockchain growth firm behind hit NFT tasks CryptoKitties and NBA High Shot. Its backers embody behemoths like Andreessen Horowitz, Coinbase Ventures, and Digital Forex Group. 

Movement noticed speedy progress in 2021 as NFTs boomed, although the excessive was brief lived. FLOW peaked at $42.40 in April 2021 however failed to succeed in new highs after the market crashed. Save for just a few blue chip collections like Bored Ape Yacht Membership and Fidenza, the NFT market and NFT-focused tasks like Movement have suffered in crypto’s months-long downturn. Even after as we speak’s rally, it’s nonetheless about 93.2% wanting its all-time excessive. 

Regardless of waning sentiment amongst collectors and artists, Meta has signaled that it’s able to wager huge on the digital collectibles house and broader Metaverse-related fields over latest months. Since rebranding from Fb in October, the social media large has revealed that it sunk $10 billion into constructing its imaginative and prescient for the Metaverse final yr. The corporate’s newest quarterly earnings report revealed that it’s nonetheless hemorrhaging cash by its Metaverse arm Actuality Labs, posting a $2.8 billion second-quarter loss. 

Nonetheless, whereas Mark Zuckerberg is but to see a return on his funding within the Metaverse, that hasn’t stopped the agency from venturing into the house. The Instagram NFT launch is a giant first step, however Zuckerberg hinted earlier this yr {that a} related product might additionally go dwell on Fb. He defined the corporate’s determination to pursue NFTs in Could, saying in an interview that the corporate needs to assist creators. “I feel a giant a part of what we have to do is basically lean into the entire completely different ways in which creators might become profitable,” he mentioned. 

The Instagram NFT characteristic will initially go dwell throughout Africa, Asia-Pacific, the Center East, and the Americas with assist for belongings on Ethereum, Polygon, and Movement. 

Disclosure: On the time of writing, the creator of this piece owned ETH, MATIC, some Otherside NFTs, and a number of other different fungible and non-fungible cryptocurrencies. 

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