Here’s How Well-Connected NFT Altcoin Flow (FLOW) Can Wake Up From the Doldrums, According to Coin Bureau

The host of crypto channel Coin Bureau is outlining what he believes it would take for the altcoin Flow (FLOW) to see a boost in price.

Flow is a decentralized layer-one blockchain for games, applications and non-fungible tokens (NFTs).

Its blockchain builds functional improvements directly on its protocol layer, allowing users to make payments and participate in the network’s governance. Its ecosystem partners include brand names such as Warner Music, the NBA and Ubisoft.

Coin Bureau’s pseudonymous analyst Guy tells his nearly two million YouTube subscribers that Flow’s high-profile partnerships aren’t entirely positive for the blockchain, however.

“The only problem is that Flow’s alignment with established players is probably why it has next-to-no interest in partnering with crypto projects or even appealing to the crypto community. My evidence is the lack of wallet support and the apparent absence of interoperability with any other cryptocurrency. Remember that Flow has hundreds of millions of dollars in its back pocket.” 

Flow’s native token, FLOW, has recently been caught in price doldrums like much of the crypto market. The 61st-ranked crypto asset by market cap is trading at $5.28 at time of writing and is down more than 30% in the past month.

Guy says making further inroads with the crypto community could help increase FLOW’s price.

“Currently, the Flow blockchain is quite centralized. And, as you no doubt know, centralization is generally a risk to a trustless network. Now having said all of that, the Dapper Labs [FLOW developer] team is aware of this, and there are moves afoot to further decentralize the network.

My only hope is that more efforts are made to onboard regular crypto users through additional integrations and wallet support. These two things alone might be enough to create the demand Flow needs to offset its constant supply shock and lead to some serious gains down the line.”

I

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/HUT Design