Ethereum (ETH) Competitor Pumps Nearly 35% After Announcement of New Instagram NFT Partnership

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A layer-1 blockchain designed for non-fungible tokens (NFTs) is soaring after being integrated into a major social media platform.

In a new announcement, social media giant Meta says that NFTs minted on the Flow (FLOW) blockchain will start posting on Instagram’s new digital collectibles feed.

Flow is a decentralized Ethereum (ETH) competitor tailored for gaming, app developers and NFT creators.

The protocol builds functional improvements directly onto its protocol layer, which allows users to make payments and participate in the network’s governance. Ecosystem partners include brand names such as Warner Music, the NBA and Ubisoft.

News of the Meta announcement sent Flow’s native token vertical, at one point jumping by 99% from $1.86 to $3.77 before correcting. At time of writing, the altcoin is up 37% over the last 24 hours and trading for $2.56.

Back in March, Meta CEO Mark Zuckerberg first revealed that plans were in the works for the photo-centric Instagram to incorporate NFTs into its platform.

Then in May, he said that Instagram would soon begin launching its NFT features and that adoption would later commence on Facebook and other apps under Meta’s umbrella.

Crypto users are able to connect several wallets to their Instagram accounts and share their digital collectibles, with the app automatically tagging both creator and owner. Currently, the feature is free both for posting and sharing.

In addition to Flow, the Ethereum and Polygon (MATIC) blockchains are supported on Instagram.

Last month Meta announced that it was abandoning the Novi crypto wallet while saying the technology would be applied to future products.

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Featured Image: Shutterstock/Nadiia_Semyroz/Sol Invictus

The post Ethereum (ETH) Competitor Pumps Nearly 35% After Announcement of New Instagram NFT Partnership appeared first on The Daily Hodl.

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