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

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 NFTs minted on the Flow (FLOW) blockchain will begin posting to Instagram’s new digital collectibles feed.

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

The protocol builds functional enhancements directly at the protocol layer, allowing users to make payments and participate in network 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, jumping 99% from $1.86 to $3.77 at one point before correcting it. At the time of writing, the altcoin is up 37% in the last 24 hours and is trading at $2.56.

In March, Meta CEO Mark Zuckerberg first revealed that plans were in the works for the photocentric Instagram to incorporate NFTs into its platform.

In May, he said Instagram would soon be launching its NFT features and adoption would begin later on Facebook and other apps under the Meta umbrella.

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

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

Last month, Meta announced it would be exiting the Novi crypto wallet, saying the technology would be applied to future products.

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Featured Image: Shutterstock/Nadiia_Semyroz/Sol Invictus

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