As Meta pushes the strides on NFT, a recent announcement showed that Meta is now utilizing Arweave, a blockchain storage network, for the storage of their creator’s digital collectibles on Instagram. The web2 giant moved to bring data permanence to Instagram which necessitated the integration with a decentralized storage technology, Arweave.
The integration will allow Instagram users to share their NFTs stored on Arweave. The Arweave CEO, Sam Williams, emphasized “Instagram users are now able to issue digital collectibles for their posts, stored on Arweave.”
As a platform offering a permanent data storage system, the CEO applauded Meta and its diligence in implementing permanent storage for its users. “NFT permanence is a sign of digital asset quality,” he said.
The head of commerce at Meta, Stephane Kasriel, disclosed in a tweet that the Arweave integration is part of the new blockchain-related updates on Meta. He added that it is a creator’s week at Meta and alongside the new updates will be to expand access to Instagram subscriptions, introduce gifting on Instagram Reels and add new ways for people to support creators using Facebook Stars.
Meta is rolling out new tools to help creators build their businesses utilizing the Polygon blockchain and will expand the types of collectibles users can display on Instagram to include videos, adding support for Solana and Phantom. The integration with Arweave is a part of its new updates.
Following the announcement, Arweave’s native token, AR, surged. According to Messari, AR jumped over 60% in 24 hours from $10.50 to $16.60. The cryptocurrency has climbed to the third-largest web3 token as its market cap has been boosted to $838 million from the rally.
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