AR rate rises by 60% following the integration of Arweave on Meta
The decentralized storage platform will be used to archive non-fungible tokens

03.11.2022 - 12:00
323
1 min
0
AR, the native token of blockchain-based data storage solution Arweave, surged as Facebook and Instagram's parent company Meta (FB) said it will utilize the Web3 platform to archive their creators' digital collectibles.
The cryptocurrency has jumped more than 60% from $10.5 to $16.6 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.
This material is taken from the website coindesk.com
Useful material?
Market
Analysts at JPMorgan Bank believe the asset will continue to face pressure amid growing competition
Feb 6, 2025
Market
The hacker used the account to promote MEOW and DCOIN scam tokens
Feb 6, 2025
Market
The company’s operating expenses rose 693% year-over-year to $1,103 billion
Feb 6, 2025
Crypto regulations
Group head Hester Peirce criticized the regulatory approach formed by former chairman Gary Gensler
Feb 5, 2025
Incidents
This status has been maintained for the first cryptocurrency since September 2021 but was canceled due to pressure from the IMF
Feb 3, 2025
Market
The Taproot Assets network will be used for the integration
Jan 31, 2025