The To flow (FLOW-USD) is experiencing one of the biggest price moves the crypto market has seen in months. With prices up 45% this morning, FLOW crypto holders are surely jumping for joy. This massive recovery is due to the help of the technology industry. Metaplatforms (NASDAQ:META) can be thanked for Flow’s gains as it expands further into the blockchain space.
Much of the excitement today is tied to a long-standing effort by Meta to transition to new technology. The company is distancing itself from its Facebook roots, of course; this is evident by the company’s renaming in November 2021. But aside from the aesthetic change, Meta has racked up new projects – some successful, some less so. The Diem Stablecoin Wallet and Novi come to mind. Each of these projects came to an end this year after many years of costly development and testing.
But when the company is successful, it really won. Of course, Meta got its new name from the increasingly popular metaverse industry. The metaverse threatens apps like Facebook by turning two-dimensional chat rooms into robust, immersive virtual worlds through which users can socialize. Meta is tapping into new interest by producing one of the largest and most widely used metaverse spaces in the world today via Horizon Worlds.
The company is looking to keep winning with its push into the non-fungible token (NFT) space. Indeed, NFTs are an unavoidable phenomenon. They have become an extremely lucrative piece of technology that continues to bleed into both the art world and the metaverse, which Meta is familiar with. The company is implementing NFTs in Horizon Worlds like everyone else, but it’s also modernizing its legacy platforms with the technology to much fanfare.
FLOW Crypto Soars as Meta Deepens NFT Offerings
In May, Meta began piloting NFTs on its Instagram photo-sharing social network. This week, it extends the offering to a broader, more permanent element of the Instagram experience. With Flow playing a major role in this endeavor, FLOW crypto is gaining big in the news.
Indeed, CEO Mark Zuckerberg announced earlier this week that Meta would be adding NFTs as a permanent feature to Instagram, noting the resounding success of the pilot program. In addition to making NFT support permanent, the company is also expanding this support to 100 countries. Now, a much larger portion of the world will have access to this feature.
Flow users are undoubtedly very happy with the news. After all, Meta does all this NFT work through Flow. The Layer 1 network, which has overseen extremely successful NFT projects like NBA Best Shot and CryptoKitties, provides the infrastructure for Instagram’s NFT features. In addition to providing the necessary blockchain infrastructure, Meta will connect users to functionality with Flow’s Dapper Wallet product.
Since yesterday morning’s announcement, the FLOW crypto has been moving at an incredible speed. Dropping from a pre-news price of $1.86, the coin is now trading at $2.70, representing a gain of 45%. The volume of transactions also continues to climb. Its average is usually well below $100 million on any given day, but today more than $1.1 billion of FLOW is changing hands, an increase of over 440% from yesterday. .
As of the date of publication, Brenden Rearick had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.