What happened
This week, corporate adoption of crypto has been in focus, with Meta Platforms (META 0.82%) subsidiary Instagram expanding its NFT offerings in a big way. Instagram is now officially supporting NFTs in 100 countries, with the Flow (FLOW 1.36%) blockchain providing the back-end infrastructure behind this endeavor. Accordingly, Flow has seen an incredible surge in interest over the past few days. In fact, at 10 a.m. ET, this token had rocketed 45% higher over the span of just 24 hours.
CRYPTO: FLOW
Key Data Points
Flow, a Layer-1 network that already supports popular NFT projects such as NBA Top Shot and CryptoKitties, will have its NFTs supported in this Instagram rollout. And Flow's Dapper Wallet product is one of two wallets accepted for use on this platform.
So what
Meta's move into less conventional but fast-growing segments of the tech market has raised eyebrows. Aside from the social media giant's name change and shift in focus to the metaverse, it's clear the company is looking past its current business toward "growthier" areas of the market worth dominating. The fact that NFTs have been chosen as a focal point is noteworthy for investors.
Now, while Ethereum and Polygon NFTs have already been featured on Instagram's NFT project via a May pilot, and Solana NFTs are expected to be added at some point, Flow's inclusion provides a vote of confidence for this project's underlying blockchain technology as well as its NFTs. Investors in Flow have reason to cheer this rollout, which has been met with serious enthusiasm thus far.
Now what
It's important to keep this recent rally for Flow in context. Indeed, the one-month chart of Flow crypto does look attractive. However, when investors zoom out, this cryptocurrency's longer-term performance has been dismal, with the token down more than 90% from its peak roughly one year ago.
That said, in terms of cryptos that appear to be consolidating and making a base at these lower levels, Flow is a project that's starting to look enticing. This Instagram partnership could provide the sort of growth investors had hoped for previously. And given the NFT projects Flow already supports, this partnership could take Flow to the next level -- at least, that's what the bulls are banking on right now.
