FLOW - Flow Crypto Soars on Meta's Move Into NFTs
This week, corporate adoption of crypto has been in focus, with Meta Platforms (NASDAQ: META) subsidiary Instagram expanding its NFT offerings in a big way. Instagram is now officially supporting NFTs in 100 countries, with the Flow (CRYPTO: FLOW) blockchain providing the back-end infrastructure behind this endeavor. Accordingly, Flow has seen an incredible surge in interest over the past few days. In fact, at 10 a.m. ET, this token had rocketed 45% higher over the span of just 24 hours.
Flow, a Layer-1 network that already supports popular NFT projects such as NBA Top Shot and CryptoKitties, will have its NFTs supported in this Instagram rollout. And Flow's Dapper Wallet product is one of two wallets accepted for use on this platform.
Meta's move into less conventional but fast-growing segments of the tech market has raised eyebrows. Aside from the social media giant's name change and shift in focus to the metaverse, it's clear the company is looking past its current business toward "growthier" areas of the market worth dominating. The fact that NFTs have been chosen as a focal point is noteworthy for investors.
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Flow Crypto Soars on Meta's Move Into NFTs