Given the “good news is bad news” reality that we’re witnessing play out these days, today’s rally in cryptocurrency markets has caught many investors off guard. Last week’s strong employment figures indicated to investors that the Federal Reserve would be less likely to remove its foot from the gas pedal when it comes to rate hikes. Nonetheless, equity and cryptocurrency markets have surged higher, with the crypto sector up 3.8 percent over the past 24 hours.
Flow (FLOW) is a cryptocurrency that has quietly climbed into the top 30 in terms of market capitalization, despite the fact that its name isn’t widely known. This crypto project linked to non-fungible tokens (NFTs) has increased by 13.3% over the past 24 hours.
In terms of performance over the previous seven days, this cryptocurrency’s gains were quite significant; they increased by 50% during this period.
The main driving force behind Flow’s rise is the news that Meta’s blockchain technology and Dapper Wallet product will be extensively used in the company’s move into the NFT market. Instagram’s photo-sharing program will now accept NFTs, giving this project, which was designed from the ground up to revolutionize the NFT industry, a significant boost.
It’s clear that Meta’s senior management is impressed by the blockchain technology behind Flow, as the company has chosen to use it on its wide-reaching NFT rollout. According to reports, this global non-fungible token distribution will allow individuals from all over the world to create and issue their non-fungible tokens on the Flow network.
Dapper Labs, the firm behind the Flow blockchain, is well-known for its collection of top NFT initiatives. Whether it’s CryptoKitties, NBA Top Shot, or UFC Strike, NFT investors have long been on the lookout for Dapper’s collectibles, given this project’s first-mover status in many sports-related collectible NFTs. Given its position in what could be a huge market over the long term, Instagram appears to be collaborating with Flow.
The success of Instagram’s foray into the world of NFTs will be determined over time. But the confidence that Flow investors have expressed by this connection is encouraging. From a technological standpoint, there’s a lot to be pleased about with this partnership.
From here, investors should keep an eye on NFT transaction levels on Flow’s blockchain as well as user growth and adoption over time. Flow is presently one token with a lot of momentum. If this broad-based rally persists, this is one project with outsized potential, at least in the near term.