Decentralized Storage System Arweave's Native Token Surges 60% on Meta Integration
Meta, a Web2 giant, is bringing data permanency to Instagram with the help of Arweave's decentralized storage technology.
AR, the native token of blockchain-based data storage solution Arweave, surged as Facebook and Instagram's parent company, Meta, said it will utilize the Web3 platform to archive their creators' digital collectibles.
The cryptocurrency has jumped more than 60% from $10.50 to $16.60 in the past 24 hours, according to data source Messari. The rally has boosted the cryptocurrency's market cap to $838 million, making it the third-largest Web3 token worldwide.
Stephane Kasriel, head of commerce and financial technologies at Meta, disclosed the Arweave integration on Twitter late Thursday.
The integration means Instagram users can now issue digital collectibles for their posts, stored on Arweave, the Web3 platform's CEO and co-founder Sam Williams tweeted.
In other words, Meta is bringing data permanency to its platform with the help of decentralized storage technology. It's no surprise that native tokens of other Web 3 data storage platforms like Filecoin and Storj have gained 10% and 25%, respectively.
Arweave allows users to retain information forever. The data, once entered, cannot be altered. Users need to purchase the storage space by paying the AR token.
Potential users range from individuals looking to archive a favorite photograph or another blockchain seeking additional storage for its transaction history.
Early this year, the censorship-resistance platform was reportedly used to archive millions of documents from war-hit Ukraine and store the aggressor Russia's misinformation and propaganda.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.