The value of the FLOW token listed on the Binance exchange recorded a rally of 345% in Futures.
FLOW the native token of the Flow blockchain surged by 35% after Meta the child company of Facebook decided to leverage blockchain for its Non Fungible Token initiative.
— Meta Newsroom (@MetaNewsroom) August 4, 2022
According to ‘CoinDesk Data’, FLOW soared to $2.84 , the highest from March 31, 2022. The token flipped into a bull run after Meta announced the international expansion of its recently piloted digital collectibles feature on its photo and video-sharing platform Instagram.
FLOW topped its 100 day SMA leaving the leader crypto tokens Bitcoin (BTC) and Ethereum (ETH).
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Meta declared support for NFTs created on the Flow blockchain. NFTs are digital tokens that represent ownership of physical or virtual assets. The social media conglomerate also announced its support from Coinbase wallet and Dapper wallet for smooth expansion of its NFT initiative.
The Flow blockchain was created by Dapper Labs and is popular for the creation of NBA TopShot NFT marketplace
The open interest rate increase in FLOW tokens indicates the start of a new bull run as many investors see this as a good opportunity. Open Interest refers to the number of contracts held on a particular token but not squared off.
FLOW’s price rally is backed by a triple-digit jump in futures open interest across major exchanges.
Meta made an announcement in July this year that they will be able to integrate NFTs on Facebook soon. In alignment to the strong bullish sentiment of metaverse, Vitalik Buterin- the co-founder of Ethereum commented ‘Metaverse projects are going nowhere’.
Meta plans to roll out NFT support on Instagram for a 100 countries
Mark Zuckerberg, CEO, ‘Meta’ announced expansion of NFTs initiative on Instagram – an image and video sharing social media platform.
The first testing of NFTs on Instagram was scheduled to take place in May, 2022. With Meta including NFTs on Instagram, businesses and NFT collectors across Asia Pacific, Africa and America will be able to showcase their NFTs on Instagram.
The NFT functionality in Instagram will allow users to connect their wallet, show their NFTs and tag the creators of the NFTs.
An note from the announcement,
“As of today, we support connections with third-party wallets, including Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet coming soon. Supported blockchains at this time include Ethereum, Polygon, and Flow.”
Users will be able to share their NFTs in the Instagram Feed, Stories and Messages. When a user will post a digital collectible, it will have a shimmer effect and will showcase the properties of the NFT in description.
Source: CoinDesk, Crypto Potato
What is FLOW?
- FLOW is a utility token used in payment applications, GameFi and NFTs’. It also works as a reserve asset for blockchain operations and rewards for network participants.
- Flow’s blockchain is the underlying asset that brings value to the token with unique features like a robust network architecture, result oriented programming and user centric ramp onboarding for a frictionless payments settlement system.
- Flow blockchain has been instrumental in building projects like Crypto Kitties, Dapper Wallet and NBA Top Shot.
- The total supply of FLOW tokens is 1,390,757,889 while the circulating supply is 1.04 billion.
- The market cap of FLOW is $3,177,204,997 and the total value locked is $3,437,866.
Source: Coinmarketcap, Defi Lama.
Additional Read: Flow Price Prediction
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