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Following Meta’s (FB) intention to use the blockchain to advance its non-fungible tokens (NFT) effort, the Flow blockchain token (FLOW) saw a gain of over 35%.

The token experienced buying pressure after Meta declared support for NFTs, digital tokens that represent ownership of physical or virtual assets created on the Flow blockchain, and announced the international expansion of its recently tested digital collectibles feature on its photo and video-sharing platform Instagram.

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Source: Twitter

Mark Zuckerberg, the creator, and CEO of Meta, announced the rollout in a Facebook post. After a successful testing period in May, Instagram users in several countries can now display their NFTs. According to a tweet from the social media platform, the network will also include support for Flow Blockchain.

The social media behemoth also declared support for Dapper and Coinbase wallets as being compatible for use as part of its expansion strategy.

The Flow blockchain was developed by Dapper Labs, and NBA Top Shot, one of NFT’s biggest hits, made it famous. To support “games, infrastructure, decentralized finance, content, and artists” in the Flow ecosystem, Dapper Labs revealed a $725 million fund in May.

According to statistics recorded by Coinglass, the price increase in FLOW is supported by a triple-digit increase in futures open interest on important exchanges, including Binance. The quantity of contracts exchanged but not offset by an offsetting position is referred to as open interest.

An increase in open interest confirms the price rally by indicating that more capital is being invested in the FLOW market.

FLOW has above its 100-day simple moving average (SMA), leaving behind ether (ETH) and bitcoin (BTC), which are still trading below the important SMA. As shown in the chart below, the larger decline is still present.

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