Meta Partners Flow Blockchain for NFT Hosting
The enormous price surge that FLOW has had in recent days makes it impossible to miss on any chart. After increasing by over 100% in a single day, the digital asset is now being actively traded and is closely monitored by crypto investors. Nevertheless, the rationale underlying this rally is less well-known. In this post, we examine FLOW and the factors for its price surge over the previous day.
The announcement that Meta (previously Facebook) was going forward with its NFT ambitions was released on Thursday. It was working on introducing an NFT feature on its other popular platform, Instagram, across one hundred different countries. Notably, Instagram has been expanding into the metaverse and NFT area, so the market was not shocked by the news. Nevertheless, the long-awaited announcement included a new player who was not part of the original plan.
Due to the inherent need for a blockchain for NFTs, Meta was compelled to make public the identity of the blockchain upon which it would operate. The social media behemoth was not expected to employ a top NFT network, therefore this came as a surprise to everyone. Nevertheless, it declared that the FLOW Blockchain will be its official hosting associate for NFTs.
The announcement soon spread, and as a consequence, FLOW blockchain got greater notoriety. By the end of the day, its price had increased by over 100 percent to more than $2.50 as investors rushed to profit from its sudden popularity.
After two days, there has been no drop in FLOW due to the Meta news. Cryptocurrency has gained rapidly as the crypto community has increased its support. When the reports emerged on Thursday, FLOW was trading at approximately $1.85 per share. During the preparation of this research, FLOW was trading at $2.73, up 4% over the previous twenty-four hours. This marks a new peak for the crypto currency during the last two months.
The FLOW blockchain was developed by Dapper Labs and released in September of 2019. As Dapper Labs was responsible for the development of CryptoKitties five years back, it has a large following of backers. When it debuted NBA Top Shot, the FLOW blockchain attracted greater interest.
Notwithstanding this, blockchain technology has not yet reached a level of competitiveness with industry giants as Ethereum and Solana. Nevertheless, Instagram’s success may make it a leading challenger in the future.
The market price of FLOW has risen due to its upswing. Presently, its market capitalization is $2.8 billion, making it the thirty-ninth biggest cryptocurrency. This places it above other cryptos like ApeCoin, Algorand, and Bitcoin Cash.
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.