Meta, a company famous for social networking sites such as Facebook, Instagram and WhatsApp, tweeted about the broad integration of NFT with Instagram.
"Mark Zuckerberg announced we're rolling out digital collectables to 100 more countries. Now, more people, creators and businesses can showcase their #NFTs on @instagram.".
The company is expected to introduce support for connecting accounts on Instagram with wallet solutions such as Coinbase, Dapper, Rainbow, MetaMask, and Trust Wallet. In addition, it is to be possible to add NFTs from the Ethereum blockchain, Polygon and Flow. The technologies listed are already supported or are expected to be implemented in the short term.
According to the official information, connecting the wallet to the account will be done by performing a simple procedure and sharing your NFT. The process is supposed to be free of charge, thereby allowing faster and easier media tokenization.
As a result of Meta's decision, the biggest increase among the mentioned cryptocurrencies was seen on the Flow token, which rose about 58% in two days, on the Conotoxia MT5 platform. It is based on the first level of the blockchain and acts as a means of payment in the proof-of-stake ecosystem primarly used for staking (potentially earning money by depositing the token), securing DeFi products and participation units that allow use of blockchain applications.
Instagram, by introducing Flow, has joined the ranks of brands supporting the project. Among them are such well-known names as Ubisoft, Warner Music, Animoca Brands, National Basketball Association, Circle, Binance, and Ultimate Fighting Championship (UFC).
Investments in the crypto space are on the rise despite the downturn
In spite of significant declines in valuations, the crypto industry raised $30.3B in funding from VC/PE funds and private investors in the first half of the year, beating the 2021 results (the peak of a bull market). According to the report written by analyst firms Messari and Dove Metrics, the amount was raised in as many as 1199 roundsin four major domains: centralized finance (CeFi) - 10.2B, decentralized finance (DeFi) 1.8B, non-fungible tokens (NFT) & Web3 - $8.6B and system infrastructure - $9.7B.
The figures above may indicate a growing interest in investment in the areas of Web3 & NFT, CeFi, and a decline in investment in infrastructure, thus showing which areas can be considered the most growth-oriented.
More crypto growth on the way?
Leading cryptocurrencies like BTC and ETH seem to be gaining today, forming daily upward candles. This draws a likely local low and could possibly indicate an extension of the upward phase for another few days. On the Conotoxia MT5 platform, among the strongest gaining tokens is the aforementioned Flow (FLW), with a daily price change of about +9.5%. At $2.87, the token is far from its average historical price level of $6.9 and all-time-high of $39. However, fundamental changes related to the implementation of NFT on social media, the development of Metaverse and a return of optimism for cryptocurrency investments in the coming months and years could see Flow return to favor. The large jump in volume with the rising price in recent days could also indicate investor optimism about its prospects.
Rafał Tworkowski, Junior Market Analyst, Conotoxia Ltd. (Conotoxia investment service)
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
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