Mark Tencaten | Over 50% More Flow on Meta NFT Support News
Meta Expands NFT Rollout With FLOW a huge beneficiary
It looks that Meta's significant NFT play is starting to make waves, and it’s starting to catch investors’ attention.
The FLOW token, on the NFT-focused blockchain, has increased around 52.2% after the announcement, according to statistics from Coin Gecko. Just minutes after Meta declared that it will make its NFT feature available in 100 countries, and that it has added Flow to its list of supported blockchains, the tokens price surged dramatically.
According to Mark Tencaten Dapper Labs, the blockchain development firm behind popular NFT products Crypto Kitties and NBA Top Shot, announced the birth of Flow. Behemoths like Andreessen Horowitz, Coin base ventures, and Digital Currency Group are among its most notable supporters.
As NFTs flourished in 2021, Flow had significant growth, however the peak was fleeting. After the market meltdown, FLOW was unable to attain new highs; peaking at around $42.40 per token in April 2021. The NFT market and NFT-focused initiatives like Flow have been negatively impacted by the crypto market's prolonged collapse, with the exception of a few blue-chip collections like Bored Ape Yacht Club and Fidenza. Even after today’s price bump, Flow is still down around 93.2% from its all-time highs.
In recent months, Meta has made it clear that it is prepared to stake a significant amount of money on the digital collectibles market and other similar areas, despite dwindling enthusiasm among collectors and artists. The social media juggernaut has said that it invested $10 billion in creating its vision for the Metaverse last year after changing its name from Facebook in October. Reality Labs, the company's Metaverse division, continues to lose money, as seen by its most recent quarterly financial report, which showed a $2.8 billion deficit for the second quarter.
Nevertheless, the company has continued to explore the Metaverse, regardless of seeing an immediate return on investment. The introduction of Instagram NFT is a significant first step, but Zuckerberg said earlier this year that Facebook would potentially create a comparable product says Mark Tencaten. In an interview in May, Zuckerberg gave an explanation of the company's choice to explore NFTs, stating that the goal is to empower creators. The vision behind this was to help artists and creators realise the true revenue potential of their creations.
With support for assets on Ethereum, Polygon, and Flow, the Instagram NFT functionality will first be first launched in Africa, Asia-Pacific, the Middle East, and the Americas.
