Last Updated: 6 August 2022
Parent company Meta announced yesterday that Instagram is enabling NFTs in more than 100 countries. These are NFTs supported by Flow’s blockchain. As a result, Flow’s share price has risen by more than 40% in the past 24 hours.
Flow’s value skyrockets
So the price of cryptocurrency, Flow, has risen by more than 40%. In the graph below, you can see exactly when the news was announced. Before the press release was shared, the value was 1.84 euros, but now it has risen to 2.60 euros. The mega bull run may be over, but there are still plenty of opportunities in the crypto market.
Price of Flow
Flow was created by Dapper Labs and is best known for Dapper’s own sports NFT projects, including NBA Top Shot, NFL All Day, and UFC Strike. It is also an open blockchain platform used by a range of other projects.
NFTs on Instagram via Flow
So what exactly is the news from Instagram and NFTs? If you have created or bought an NFT on Flow’s blockchain, you can add it to Meta’s photo-sharing service. Through this service, you can display your NFTs on your Instagram account. This was already possible for selected users in the US since May. But the service has now been extended to countries in Asia, Africa, and the Middle East. It is not yet known when it will be our turn.
— Meta Newsroom (@MetaNewsroom) August 4, 2022
Instagram supports different wallets
Users can connect a supported wallet to prove that the NFT is actually theirs. Once connected and an NFT shared, both the owner and the original creator will automatically be listed.
As of today, Instagram supports third-party wallets, including Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet. Supported blockchains include Ethereum, Polygon, and Flow. There are no transaction fees for posting a digital collectible on Instagram.
Ethereum, Polygon and Flow
In May, Meta announced that Instagram would begin integrating support for NFT collectibles, starting with Ethereum and Polygon-based collectibles. Most NFTs are housed by Ethereum, but because transaction costs were so high last year, second-tier solutions became increasingly popular. Polygon (Matic) is such a second layer, and the price of this crypto is also showing a nice upward movement.
Instagram is also planning to add support for Solana NFTs, as announced in May.
Meta is all about building (and managing) the largest metaverse in the world. The parent company of Instagram and Facebook even changed their name in the autumn, from Facebook Inc to Meta. They then revealed their vision of the future of the internet. Everyone becomes an avatar and moves through 3D digital worlds.
Meta’s metaverse is expected to lean heavily on blockchain and NFT technologies. The larger vision of the crypto world, not necessarily of Meta, is that digital assets can be taken to different metaverse via different blockchains. For example, you buy a digital shirt in metaverse A, and in that shirt, you go to a digital concert in metaverse B.
Meta founder and CEO Mark Zuckerberg has hinted that he is interested in enabling interoperable assets as part of his platform, but Meta has yet to indicate how open the metaverse will really be.