Instagram has publicly shared its efforts to integrate NFTs since May. Meta (META), the parent company behind Facebook and Instagram, announced last week that NFTs will be available to Instagram users in more than 100 countries. According to analysts, this news means a rally for the 2 altcoins that Instagram will use for NFTs.
What altcoin projects will Instagram work with for NFTs?
NFTs, digital properties of art, video or other media, appeared on Instagram last May. The new feature will allow users to connect crypto wallets such as MetaMask, Dapper, Coinbase. Once a wallet is linked, users will be able to share their digital collections to show the world. NFTs shared on the platform will have a sparkle to stand out from casual posts. There will also be more information about the Blockchain from which it was acquired and NFTs like its artist. Meta has made it clear that their platform will not be a marketplace, but rather a site where you can share your recent purchases.
NFTs allow creators to take control over their work, fanbase and income. Starting this week, you may start to see digital collectibles on @instagram. Oh and they ✨shimmer✨https://t.co/aH8035Tk8n pic.twitter.com/PWmph03fsw
— Meta (@Meta) May 10, 2022
If you’ve followed the news in the NFT world, you’re probably aware that Ethereum dominates the space. However, competing blockchains continue to take some share of the lucrative market. At the same time, Instagram is helping to diversify this space. Not only Ethereum NFTs will be supported on the platform. Others such as Polygon (MATIC) and Flow (FLOW) will also join the list of compatible blockchains.
Given that the vast majority of the market is working on it, it makes sense for Instagram to support Ethereum-based NFTs. But for other blockchains, growth hasn’t been that significant. In the rest of the article, let’s look at what this news means for Flow and Polygon. Crypto researcher RJ Fulton said that these news
What does this news mean for Flow and Polygon?
With more and more NFT projects opting for Flow, Web3 Blockchain needs more than the capacity to handle the increase in users. Flow uses PoS and a unique verification process divided into four separate tasks. Thus, it has faster transaction capacities than its counterparts such as Ethereum. At the same time, it offers very economical transaction fees.
Flow has made a name for itself as one of the leading blockchain for interactive crypto experiences that revolve primarily around collectibles and gaming. Flow NFTs initially made a splash in the sports world with projects like NBA Top Shot, which sold over $1 billion, and NFL All Day, which sold nearly $75 million. More recently, NFTs on the blockchain have left the sport as digital artists begin to print their work.
On the other hand, Polygon’s NFT ecosystem has grown rapidly as a result of users seeking alternatives to Ethereum’s high fees and low speeds. This is exactly why Polygon was created. To scale Ethereum. As a Layer 2 side chain to Ethereum, Polygon processes transactions on the Blockchain and then adds them to Ethereum. Users at Polygon can transact in a matter of seconds, and often less than a penny. This may be why Meta decided to add Blockchain to Instagram.
Price predictions for altcoin projects
While Ethereum still has a place in the NFT market, this is slowly coming to an end. Tired of the high fees and low speeds that plague Ethereum, users began to look for alternatives. Both Flow and Polygon are becoming more and more mainstream among developers and investors. On the price side, FLOW has lost nearly 90% from the ATH level. Despite this drop in price, Meta developers and administrators choose Flow as one of the viable networks for Instagram integration.
As for Polygon, the MATIC price hasn’t suffered as much as the Flow. However, it is still trading at a discount of around 70% from its ATH level of $2.92. It spends just under $0.90 these days.
Artists and collectors are looking for other blockchains besides Ethereum to buy and sell NFTs. Thus, Polygon and Flow attract the attention of one of the most popular social media platforms in the world. If NFTs can regain some of the popularity that circulated in the market last January, then Polygon and Flow will be the top earners along with the next wave. In order for you not to stay away from the NFT market, we are transmitting the latest news from Kriptokoin.com.
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