05.03.2024

FLOW token price is up by over 35% today: here’s why

Today the price of FLOW has actually been rising as well as increasing. It surged by around 45%in the morning to establish a brand-new two-month high of $ 2.7681 prior to somewhat pulling back to its current price of $ 2.58.

At the time of creating, FLOW was still green and also showing a great deal of bullish momentum.

However why did the FLOW token register rise a huge pump today? What is happening to Flow blockchain? Below is an extensive study the forces behind today s FLOW token pump.

Why FLOW price pumped instantly today Today early morning, Meta (formerly Facebook) announced that it had actually begun the Instagram NFT combination as well as it was mosting likely to add support for NFTs produced on the Flow blockchain.

On May 10, Meta introduced that Instagram would certainly incorporate NFT collectibles starting with Ethereum and also Polygon-based NFTs. The enhancement of Flow into the listing virtually came as a surprise and also it might clarify the unexpected rise in the cost of the FLOW token.

Ethereum is the leading blockchain network for NFTs while Polygon is an Ethereum Layer-2 option that permits quicker, more affordable, and a lot more reliable purchases. Flow, for that reason, ends up being the only other Layer-1 blockchain that Instagram has actually incorporated thus far after Ethereum

Instagram also plans to include support for Solana NFTs.

Facebook, which is a sis social media platform type to Instagram, began evaluating the assistance for Polygon and also Ethereum in June as well as has additionally disclosed plans to include Solana as well as FLOW.

By including assistance for NFTs produced on the Flow blockchain, Instagram customers will have the ability to link digital pocketbooks and display their validated Flow NFTs. The effort was very first released in the US yet today&’s statement marks the beginning of its development to over 100 countries throughout Africa, the Americas, the Middle East, as well as the Asia Pacific.

Besides adding support for Flow NFTs, Meta likewise announced that it has additionally added support for Dapper Wallet as well as Coinbase Wallet. Both Dapper Wallet as well as Flow are products of the same company called Dapper Labs, which is also best recognized for its very own sports NFT projects that include the NBA Top Shot, NFL All Day, and also UFC Strike.

Meta is pressing hard on its metaverse plan given that it rebranded from Facebook last fall. It just recently revealed its grand vision for a next-generation internet browsed with avatars in immersive 3B room.

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