Today the price of FLOW has been rising and rising. It surged by about 45% in the morning to set a new two-month high of $2.7681 before slightly pulling back to its current price of $2.58.
At the time of writing, FLOW was still green and showing a lot of bullish momentum. But why did the FLOW token register surge a huge pump today? What is happening to Flow blockchain?
Here is a comprehensive dive into the forces behind today’s FLOW token pump.
Why FLOW price pumped suddenly today
Today morning, Meta (formerly Facebook) announced that it had started the Instagram NFT integration and it was going to add support for NFTs created on the Flow blockchain.
On May 10, Meta announced that Instagram would integrate NFT collectibles starting with Ethereum and Polygon-based NFTs. The addition of Flow into the list almost came as a surprise and it could explain the sudden surge in the price of the FLOW token.
Ethereum is the leading blockchain network for NFTs while Polygon is an Ethereum Layer-2 solution that allows for faster, cheaper, and more efficient transactions. Flow, therefore, becomes the only other Layer-1 blockchain that Instagram has integrated so far after Ethereum
Instagram also plans to add support for Solana NFTs.
Facebook, which is a sister social media platform form to Instagram, began testing the support for Polygon and Ethereum in June and has also revealed plans to add Solana and FLOW.
By adding support for NFTs minted on the Flow blockchain, Instagram users will be able to link digital wallets and showcase 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.
Besides adding support for Flow NFTs, Meta also announced that it has also added support for Dapper Wallet and Coinbase Wallet. Both Dapper Wallet and Flow are products of the same firm called Dapper Labs, which is also best known for its own sports NFT projects that include the NBA Top Shot, NFL All Day, and UFC Strike.
Meta is pushing hard on its metaverse plan since it rebranded from Facebook last fall. It recently revealed its grand vision for a next-generation internet navigated with avatars in immersive 3B space.