Home Technology Competitor Ethereum (ETH) pumps nearly 35% after news of new Instagram NFT partnership

Competitor Ethereum (ETH) pumps nearly 35% after news of new Instagram NFT partnership

Competitor Ethereum (ETH) pumps nearly 35% after news of new Instagram NFT partnership

A layer 1 blockchain designed for non-fungible tokens (NFTs) is on the rise after being integrated with a major social media platform.

In a new announcement, social media giant Meta said that NFTs hit on the Flow (TO FLOW) blockchain will begin posting to Instagram’s new digital collectibles feed.

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

The protocol builds functional enhancements directly onto its protocol layer, which allows users to make payments and participate in network governance. Ecosystem partners include brands such as Warner Music, the NBA, and Ubisoft.

News of the Meta announcement sent the native Flow token vertical, at one point jumping 99% from $1.86 to $3.77 before correcting. At the time of writing, the altcoin is up 37% in the past 24 hours and is trading at $2.56.

In March, Meta CEO Mark Zuckerberg first revealed that plans were underway for photo-centric Instagram to integrate NFTs into its platform.

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

Crypto users can connect multiple wallets to their Instagram accounts and share their digital collectibles, with the app automatically tagging the creator and owner. Currently, the feature is free for both posting and sharing.

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

Last month’s meta announcement that he was abandoning the Novi crypto wallet while saying the technology would be applied to future products.

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Featured Image: Shutterstock/Nadiia_Semyroz/Sol Invictus


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