Arweave is partnering with Meta to store non-fungible tokens (NFTs) on Instagram, the protocol’s CEO and co-founder Sam Williams announced on Twitter.
📣 Major announcement: @Meta is now using Arweave to permanently store digital collectables from @Instagram.
Instagram users are now able to issue digital collectables for their posts, stored on Arweave.
Some thoughts 👇 pic.twitter.com/Y0xjhDwHid
— 🐘🔗 sam.arweave.dev (@samecwilliams) November 2, 2022
In response, AR saw 61% gains over the last 24 hours to lead the top 100 tokens. A local top of $17.85 was hit at 03:30 (UTC) on Nov. 3, leading to a gradual trickle-down to $16.26 as of press time.
Although the current AR price is significantly below its $89.24 all-time high from November 2021, investor sentiment is bullish, given Meta’s standing.
What is Arweave?
Arweave is a decentralized storage protocol intending to serve as “a permanent memory layer for humanity,” according to Williams.
“Our community works to connect people over time, providing a right to be remembered.“
The internet is made up of information and data that is subject to change, redaction, and removal at the hands of centralized entities. Arweave sees value in solving the issue of web data impermanence.
Underpinning Arweave’s system is “the blockweave” — a mechanism that cost-efficiently enables scalable on-chain storage. As the amount of data in the system increases over time, the amount of hashing needed to reach consensus goes down. The end result is a decreasing cost of storage as the system scales up.
Its Proof-of-Access (PoA) protocol requires miners to provide disk space and replicate the data stored within the network to earn AR tokens. To “mine” under PoA means verifying a new block (of stored information) and providing cryptographic proof of recall access to the information stored in the block.
Commenting on the partnership, Williams applauded Meta for “their diligence and implementation of permanent storage for their users.” Adding that permanence is a sign of quality NFTs.
Instagram becoming an NFT marketplace
Meta also announced partnering with Polygon for minting and selling NFTs at zero cost on the Instagram platform. However, Meta’s Head of Commerce and Financial Technology, Stephane Kasriel, said fees will apply after 2024.
“Creators will soon be able to make their own digital collectibles on Instagram and sell them to fans, both on and off Instagram.”
The feature was rolled out as a trial for select U.S. creators and collectors. But Meta said they hope to expand the feature to other markets soon.