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FLOW latest price rally has turned it into an "overbought" asset, which could amount to an imminent correction.
Flow (FLOW) logged its best daily performance on Aug.4 after becoming the latest blockchain to support Instagram's nonfungible token (NFT) features.
Meta CEO Mark Zuckerberg announced on Aug. 4 that Instagram had expanded its NFT support to 100 more countries in Africa, the Asia-Pacific, the Middle East and the Americas. As a result, more users can post digital collectibles minted on the Flow blockchain on Instagram.
The high-profile integration helped FLOW surge 54% to reach an intraday high of $2.83 a token. Interestingly, the token's massive upside move accompanied a spike in its daily trading volumes, confirming some weight behind the bullish trend.
Like any blockchain native asset, the ups and downs in FLOW's demand are tied to the adoption of its parent chain. In general, FLOW serves as a legal tender within the Flow's proof-of-stake ecosystem for the following purposes:
That explains the token's bullish response to Instagram's adoption.
From a technical perspective, FLOW eyes another 30% rally from its current price levels.
FLOW's recent price trends appear to have painted a bullish pattern called the "Bump-and-Run-Reversal (BARR) bottom" on its daily chart. Now, the token has entered a breakout stage with its upside target near the level where the BARR bottom's formation began at around $3.20.
According to veteran analyst Tom Bulkowski, BARR patterns are "surprisingly good performers," with a 76% chance of meeting its profit target. That raises FLOW's potential to rise another 30% to $3.20, further supported by strong fundamentals.
On the flip side, FLOW's latest bull run has pushed its daily relative strength index (RSI) above 70, or overbought territory, which suggests heightened sell-off risks.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
A decentralized layer-1 altcoin is seeing green after a listing by the US’s largest cryptocurrency exchange. In a new announcement, Coinbase says that Flow (FLOW) will start trading on Coinbase Pro paired with Tether (USDT) once appropriate liquidity conditions are met. The Flow blockchain is tailored for developers of games, applications and non-fungible tokens (NFTs). […]
The post Large-Cap Ethereum (ETH) Competitor Rallies As Coinbase Announces Surprise Support appeared first on The Daily Hodl.
The new ecosystem fund will be used to support the 7,500 developers on Flow to build new gaming, infrastructure, DeFi, and content creator products on the NFT blockchain.
The Flow ecosystem is set to get a boost in support from a new $725 million fund that will be used to invest in the growth of the nonfungible token network.
Flow (FLOW) is a layer-1 blockchain developed by Dapper Labs and purpose-made for NFTs. Dapper Labs also created the popular NBA Top Shot NFT collection. Flow utilizes an eco-friendly proof of stake (PoS) consensus algorithm.
The new fund was backed by 17 firms that have experience backing other Web3 companies, including large investment firms a16z, Spartan Group, and CoinFund. The funds will be used to attract developers to bring their work onto Flow as opposed to competitor Ethereum (ETH) which still dominates NFTs despite high gas fees. Within the Flow ecosystem itself, the funds will provide support for gaming, infrastructure, decentralized finance (DeFi), content and creators.
Today, we're announcing a $725 Million ecosystem fund to accelerate growth across the entire Flow ecosystem
— Flow (@flow_blockchain) May 10, 2022
This is the largest joint fund made for ANY blockchain, available for both existing and future developers #onFlow
Meet the Flow Ecosystem Fund: https://t.co/8Y8qaLvccz pic.twitter.com/VBKbnZdQEQ
Projects awarded grants through the ecosystem fund will be supported by FLOW tokens investments, and what the fund’s webpage calls “in-kind support.”
Flow is currently the third largest blockchain by NFT sales volume behind Ethereum and Solana (SOL). Not including May, throughout 2022, Flow has averaged $50.3 million in monthly NFT sales according to CryptoSlam, an NFT market tracker.
Host of the NFT-focused podcast The First Mint LG Doucet tweeted on Tuesday a list of five new products he believes should be supported through the funds. They include a whitelist app to help users get whitelisted for a mint, a mobile app, video education, wallet integration on Shopify, and non-cartoon, animal, and athlete art. He added that Flow needs “actual INNOVATION, not just roadmaps that copy ETH projects.”
$725M coming to $Flow ecosystem
— LG DOUCET (@LgDoucet) May 10, 2022
Products we need built:
- WL App like @PREMINT_NFT
- Mobile App for @emerald_dao
- Video Education on @Flowverse_
- Wallet Integration on @Shopify
- Non cartoon animal/athlete PFPs
And actual INNOVATION, not just roadmaps that copy ETH projects
Although Flow is operated by Dapper Labs, which has produced some of the biggest NFT products over the last two years, its NFT sales still lag behind larger layer-1 ecosystems. This may be due to weaker network effects and a smaller ecosystem of decentralized apps (Dapps) running on it. The new ecosystem fund aims to tackle that shortcoming.
Other Dapper Labs NFT products include CryptoKitties, one of the first NFT games, UFC Strike, NFL All Day, and Cheeze Wizards.
Related: Otherside NFTs fall below mint price while cheaper ETH sees sales volume boost
FLOW has a market cap of $1.4 billion and is up 20% over the past 24 hours to $4.01 according to CoinGecko data.