FLOW Token Soars After META Trial NFT Feature On Instagram

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FLOW Token Soars After META Trial NFT Feature On Instagram. FLOW, Flow’s blockchain network token, soared more than 35 percent after Meta Platform’s (META) decision to include the Flow blockchain to expand its NFT initiative on Instagram.

Reporting from CoinDesk, Monday (8/8/2022), shows FLOW rose 38 percent to USD 2.62 or around Rp. 39,112 in the last 24 hours. Prices hit a high of USD 2.84 (Rp 42,409), their highest since May 31.

The token came under buying pressure after Meta announced an international expansion of its recently piloted digital collection feature on photo and video sharing platform Instagram. Meta states support for NFTs built on the Flow blockchain.

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The social media giant also announced support for its coinbase(COIN) wallet and Dapper wallet as compatible third-party wallets to use as part of its expansion plans.

Blockchain Flow was created by Dapper Labs and is best known for the hit NFT NBA Top Shot. In May, Dapper Labs launched a USD 725 million fund to leverage “gaming, infrastructure, decentralized finance, content and content creators” in the Flow ecosystem.

FLOW’s price rally was supported by triple-digit spikes in open interest futures on major exchanges, including Binance, according to data tracked by Coinglass. Open interest refers to the number of contracts traded but does not equate to an offset position.

An increase in open interest means more money is mobilized in the FLOW market and validates the price rally. FLOW has surpassed the 100-day Simple Moving Average (SMA), leaving bitcoin (BTC) and ether (ETH), which continue to trade below the main SMAs.

Previously, Instagram introduced the NFT feature. This feature supports creators and collectors to post their NFT collections on Instagram.

FLOW Token Soars After META Trial NFT Feature On Instagram. Launching the Instagram page, Saturday (6/8/2022), NFT on Instagram can be connected to a digital wallet. So that NFT creators and collectors can choose which NFT they want to share on Instagram. This feature also makes it possible to share digital collections.

After creators or collectors upload their digital collections, public information appears, such as a description of the NFT. Uploads will also be visible on their profile.

Automatic tagging of creators and collectors. This feature allows creators and collectors to be automatically tagged in digital collection pages or uploads. However, this depends on the individual privacy settings.

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“We collect and organize public data from open blockchains, such as Ethereum, to provide this feature. From this public blockchain data, we can only identify which collections belong to collectors and creators when they connect their third-party wallets to Instagram,” Instagram wrote in its announcement.

At launch, the blockchains that will be supported will be Ethereum and Polygon, with Flow and Solana planned to come soon.

Compatible third-party wallets to use include Rainbow, MetaMask, and Trust Wallet, with Coinbase Wallet, Dapper, and Phantom coming soon. Please note, there will be no fees associated with uploading or sharing digital collections on Instagram.

After the NFT Instagram feature was accessible in Indonesia, Ghozali Everyday immediately uploaded a photo of himself and brought the Instagram logo to the @ghozaliphoto account.

The photo was then purchased by Pieter Lydian with the @pieterlydian Instagram account. What distinguishes NFT uploads from other uploads is that there is a shiny effect and a check mark in the lower left corner. If you click it, information about the NFT description will appear.

In this case, NFT Gozali Everyday is listed as a digital collectible from OpernSea NFT and there is a statement that it is owned by Pieter Lydian based on the Ethereum blockchain.

Previously, Mark Zuckerberg’s company Meta which posted sharp losses in its Metaverse division in Q2 2022, unveiled its new strategy of digital asset expansion on May 10, 2022.

According to a Meta newsroom post updated on Thursday, August 4, 2022, one of the strategies is to start Non Fungible Token (NFT) expansion in 100 countries in Africa, Asia-Pacific, Middle East and America. The initial rollout of this strategy targeted the social media app Instagram.

Reporting from Cointelegraph, Friday (5/8/2022), Meta will also start support for wallet connections with Coinbase Wallet and Dapper as well as the ability to post digital collections printed on the Flow blockchain.

Later users will only need to connect their digital wallet to Instagram to post NFT, the company said in its latest post.

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Third-party wallet integrations with Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet are coming soon. Currently supported blockchains are Ethereum, Polygon, and Flow. There are no fees charged for posting or sharing digital collections on Instagram.

FLOW Token Soars After META Trial NFT Feature On Instagram. Along with the metaverse, digital assets seem to have become one of the core components of Meta for expansion. During the second quarter of 2022, the company’s revenue fell 1 percent year-on-year to USD 28.8 billion or around IDR 428.8 trillion while its operating income fell 32 percent to USD 8.36 billion in the same period.

CEO Mark Zuckerberg said he was unaffected by the $2.8 billion loss in the company’s Metaverse division, and instead there was an opportunity to make “hundreds of billions,” or even “trillions,” dollars as the sector matures.

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