FLOW’s price has been steadily rising today. The price of FLOW rose by approximately 45% this morning to $2.7681, a new 2-month high. It then dipped slightly to $2.58.
FLOW was green as of the writing of this article and showed a lot bullish momentum. What is the reason FLOW token saw a massive pump? What’s happening with the Flow blockchain?
Here is a comprehensive dive into the forces behind today’s FLOW token pump.
Why is FLOW price suddenly pumped today?
Meta (previously Facebook) today announced that it had launched the Instagram NFT Integration and would add support for NFTs made on the Flow Blockchain.
Meta announced on May 10 that Instagram would begin to integrate NFT collectibles with Ethereum and Polygon NFTs. It was almost a surprise that Flow was added to the list. This could explain why the FLOW token has seen a sudden rise in price.
Ethereum is the top blockchain network for NFTs. Polygon is an Ethereum Layer-2 option that allows for faster and cheaper transactions. Instagram’s only Layer-1 blockchain integration is Flow.
Instagram plans to support Solana NFTs as well.
Facebook, which is a sister platform to Instagram, started testing support for Polygon, Ethereum and has now revealed plans to add Solana, FLOW and more.
Instagram users can now link their digital wallets to the Flow blockchain and show off their verified Flow NFTs. The initiative was first launched in the US but today’s announcement marks the beginning of its expansion to over 100 countries across Africa, the Americas, the Middle East, and the Asia Pacific.
Meta now supports Flow NFTs in addition to the other features. announced Dapper Wallet, and Coinbase Wallet now support it. Dapper Wallet, Flow, and Coinbase Wallet are both products of Dapper Labs. This company is best known for its sports NFT projects, such as the NBA Top Shot and NFL All Day.
Since its rebranding from Facebook last autumn, Meta has been working hard to implement its metaverse strategy. It revealed its vision of a new-generation internet that is mapped with avatars and resides in 3B space.