FLOW token price is up by over 35% today

Today the price of FLOW has been rising and rising. It surged by about 45% within the morning to set a brand new two-month excessive of $2.7681 earlier than barely pulling again to its present price of $2.58.

At the time of writing, FLOW was nonetheless inexperienced and displaying a number of bullish momentum. But why did the FLOW token register surge an enormous pump today? What is occurring to Flow blockchain?

Here is a complete dive into the forces behind today’s FLOW token pump.

Why FLOW price pumped all of the sudden today

Today morning, Meta (previously Facebook) introduced that it had began the Instagram NFT integration and it was going so as to add help for NFTs created on the Flow blockchain.

On May 10, Meta introduced that Instagram would combine NFT collectibles beginning with Ethereum and Polygon-based NFTs. The addition of Flow into the checklist virtually got here as a shock and it may clarify the sudden surge within the price of the FLOW token.

Ethereum is the main blockchain community for NFTs whereas Polygon is an Ethereum Layer-2 resolution that permits for sooner, cheaper, and extra environment friendly transactions. Flow, due to this fact, turns into the one different Layer-1 blockchain that Instagram has built-in to date after Ethereum

Instagram additionally plans so as to add help for Solana NFTs.

Facebook, which is a sister social media platform kind to Instagram, started testing the help for Polygon and Ethereum in June and has additionally revealed plans so as to add Solana and FLOW.

By including help for NFTs minted on the Flow blockchain, Instagram customers will be capable to hyperlink digital wallets and showcase their verified Flow NFTs. The initiative was first launched within the US however today’s announcement marks the start of its growth to over 100 international locations throughout Africa, the Americas, the Middle East, and the Asia Pacific.

Besides including help for Flow NFTs, Meta additionally announced that it has additionally added help for Dapper Wallet and Coinbase Wallet. Both Dapper Wallet and Flow are merchandise of the identical agency referred to as Dapper Labs, which is additionally finest identified for its personal sports activities NFT tasks that embody the NBA Top Shot, NFL All Day, and UFC Strike.

Meta is pushing exhausting on its metaverse plan because it rebranded from Facebook final fall. It not too long ago revealed its grand imaginative and prescient for a next-generation web navigated with avatars in immersive 3B house.

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