Meta’s Announcement Moves This Altcoin Price!

Layer-1 blockchain designed for non-fungible tokens (NFTs) has been on the rise after being integrated into a major social media platform. Here are the details of the development that activates the altcoin price.

Social media giant Meta said in a new announcement that NFTs created on the Flow (FLOW) blockchain will begin publishing on Instagram’s new digital collection stream.

FLOW is a cryptocurrency that powers the smart contract platform Flow. Flow blockchain; It is a platform designed for game, app and non-fungible token (NFT) creators. It was also developed by Dapper Labs, the team that produced the famous CryptoKitties game. Since then, the project has secured a number of high-profile partnerships, including the NBA, Warner Music Group, and Ubisoft. As we reported, the Meta announcement raised Flow’s native token from $2.52 to $3.01 at one point. But then, there was some pullback and the altcoin is trading at $2.78 at the time of writing.

Meta CEO Mark Zuckerberg first said in March that Instagram, the photo and video-centric social media platform, will soon support NFTs. Later in May, he said that Instagram will soon launch NFT features, and adoption will begin later in other apps under Meta’s umbrella.

Crypto users can link some wallet to their Instagram account and share their digital collections, with the app automatically tagging both the creator and owner. Currently, the feature is free for all users.

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

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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