Ethereum (ETH) rival surges nearly 35% after announcing new Instagram NFT partnership


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

In a new announcement, social media giant Meta Say NFTs minted on the Flow (FLOW) blockchain will begin posting on Instagram’s new digital collectibles feed.

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

The protocol builds functional improvements directly on its protocol layer, allowing users to make payments and participate in the governance of the network. Ecosystem partners include brands such as Warner Music, NBA and Ubisoft.

News of the Meta announcement sent Flow’s native token vertically up, rising as much as 99% from $1.86 to $3.77 before the correction. At the time of writing, the altcoin is up 37% in the past 24 hours and is trading at $2.56.

Back in March, Meta CEO Mark Zuckerberg first revealed that photo-centric Instagram was planning to integrate NFTs into its platform.

Then in May, he said that Instagram would soon start rolling out its NFT feature, followed by adoption on Facebook and other apps under the Meta umbrella.

Crypto users can connect multiple wallets to their Instagram account and share their digital collectibles, and the app automatically tags creators and owners. Currently, the feature is free for publishing and sharing.

In addition to Flow, Instagram also supports the Ethereum and Polygon (MATIC) blockchains.

Last month Meta announced it was abandoning the Novi crypto wallet, while saying the technology would be used in future products.

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Featured Image: Shutterstock/Nadiia_Semyroz/Sol Invictus





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