A new Instagram feature that lets people post NFTs minted on the Flow blockchain saw the value of the FLOW token surge over 50 percent within 24 hours.
FLOW rose from less than US$2 on August 4 to US$2.98 the following day after social media giant Meta announced its support for digital collectibles minted on the blockchain.
So far, the rally has been sustained, with FLOW’s price sitting at US$2.89 at the time of writing – however, it’s still down over 93 percent from its all-time high of US$42.40 in April 2021.
Expanded NFT Integrations on Instagram
Meta began testing a feature to let Instagram users in the US upload NFTs at no cost in May, with support for crypto art minted on the Ethereum and Polygon blockchains. Meta said that being able to showcase NFTs would help creators build a broader audience and more monetisation opportunities.
The company’s latest announcement opens up the feature to users in 100 countries in Africa, Asia-Pacific, the Middle East and the Americas, as well as adding support for the Flow blockchain.
Digital wallets that can be connected to Instagram now include Coinbase, Dapper, Rainbow, MetaMask and Trust Wallet. Once a user has connected their wallet, they can share NFTs on their Instagram profile and public information will also be drawn in and displayed – such as a description of the NFT and the Instagram usernames of the creator and collector (unless accounts are private).