Techspace - On Thursday (8/4), Meta announced that Instagram has broadened its approach towards NFT into its app, by adding Flow blockchain NFTs to its platform. At the same time, the company also announced its NFT expansion news to more than 100 countries.
Since Instagram now supports NFT from the Flow blockchain, collectors can display their collections on their Instagram account, after getting verified by the platform. Thanks to this expansion, collectors from Asia, Africa, and the Middle East can access this new feature.
In addition, Meta also stated that Instagram is now supporting Dapper Wallet or Coinbase Wallet, as the move within its expansion on Web 3.0.
After this news was published, Flow value is currently rising high, nearly 44%, reaching its trade price peak in recent months, priced at $2.76 per token. As of this writing, Flow has slowed down to 40.4% and priced at $2.65 per token.Read also: Vitalik Buterin: Anything Facebook Creates Now Will Misfire
A brief about Flow
Flow is a scaling-blockchain, however without the sharding techniques. It provides fast and low-cost transactions on decentralized apps, like NFT marketplaces or crypto-involved games on Web 3.0.
Flow is split into FOUR node types to achieve dramatic improvements in speed and throughput— Flow (@flow_blockchain) December 6, 2020
1️⃣ Collector Nodes increase efficiency
2️⃣ Execution Nodes enable speed and scale
3️⃣ Verifier Nodes guarantee correctness
4️⃣ Consensus Nodes ensure decentralizationhttps://t.co/8zFlufRONm pic.twitter.com/7FJoEKSi7K
The creator of Flow, Dapper Labs, involved in many NFT projects, such as NBA Top Shot, UFC Strike, and NFL All Day. Furthermore, Flow also can be a blockchain for the developer who wants to create a platform in Web 3.0. For example, Zigazoo, a kids’ collectible platform, was created on the Flow blockchain.
Flow itself adopts a proof of stake as the consensus mechanism to validate the transaction inside its system. Although it looks similar to the other blockchain, Flow uses a special way to validate the transaction. Flow split its validation process into four stages: consensus, verification, execution, and collections. These nodes are involved in every single transaction on Flow.
As said by the company, splitted tasks will make the transaction more efficient than other blockchain because it does not shard; spread the storage; and computational needs of a blockchain for the numerous nodes. This process made the transactions within the Flow are atomic, consistent, isolated, and durable (ACID) for developers to create their own platform on the blockchain.
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Meta further step into metaverse…
Back in May, Meta released its plan to provide NFT display into its platforms, starting with the Ethereum and Polygon-based NFT. Meta also plans to add Solana blockchain-based NFT in the future, which was announced alongside its first plan into the NFT feature.
Following the mark, Meta also tried NFT into its Facebook platform, testing Ethereum and Polygon-based NFT on the users’ profiles, also plans to add Solana and Flow-based NFT in the future.
The NFT Instagram expansion which began in May is actually only available for the selected users in the US at first, and now it is available in other countries besides the US, even though it is still not fully opened to the public.
To display their NFT into the platform, users can connect their account into their cryptocurrency wallet, where their NFT is stored. Yet, only the supported cryptocurrency wallet can be connected into an Instagram account. When users post their NFT collection in the platform, it will directly show the credit to the creator and the collector.
Over and above, Meta also acquired several companies in a way to support its innovation on developing metaverse systems. Meta has developed several 3D supported technologies that can be used for people to access the metaverse.
Despite the fact that metaverse is an open space for the developers, nonetheless, these steps made by Meta have threatened the free-concept of the Metaverse, said by Yat Siu, the founder of Animoca Brands, a metaverse investor.
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