Meta, Mark Zuckerberg’s company, will store the non-fungible tokens (NFT) of its Instagram platform on Arweave (AR), the blockchain which offers perpetual storage thanks to a very unique architecture. As a result of the news, the price of the AR cryptocurrency soared 80% in 5 hours.
Meta chooses Arweave for its NFTs
We announced it to you this morning, Meta, the parent company of Facebook, revealed that the sidechain Polygon (MATIC) had been chosen as part of its program to enable the creation of non-fungible tokens (NFT) on Instagram. Also, the social network with more than 35 million monthly visitors will allow its users to mint directly their NFTs in its own application.
We learn that it is the Arweave (AR) blockchain which has been selected by Meta to store these NFTs. The announcement was made directly by sam williamsthe CEO and founder of Arweave:
📣 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
“Major announcement: Meta is now using Arweave to permanently store Instagram’s digital collectibles. Instagram users can now issue digital collectibles for their posts, stored on Arweave. »
Arweave is a rather unique blockchain that offers perpetual storage via an innovative protocol, like a hard drive with no lifespan. To learn more about this blockchain and its Blockweave, read our page dedicated to Arweave.
Following this major announcement, the price of AR jumped 80% in the space of 5 hours, an increase of 51.5% over the last 24 hours. Thus, the cryptocurrency is currently trading around 15 dollars.
24-hour AR token price
The cryptocurrency price of Filecoin (FIL) and that of Storj, similar blockchains, also found a significant increasealthough less impressive.
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Meta persists and wants its place in Web3
Meta persists and signs: while the company has published very poor results and that its share price has lost 71% since the start of 2022she could logically decide to refocus her efforts on what has made her live for many years now.
We also remember his Diem project (formerly Libra) aborted along the way last January, then sold to the company Silvergate Capital Corporation.
And yet, Mark Zuckerberg persists : consequence of the unpopularity of its metaverse Horizon Worlds, among others criticized for its bad user experience, the firm even obliged its own employees to use the virtual world of Meta through a message that could not be more explicit: Hop on or go “.
Thus, billions of dollars are almost thrown out the window by the nevertheless emblematic conglomerate bringing together the largest social networks of the moment, which wants at all costs to set foot in virtual worlds.
Will the arrival of NFTs on Instagram finally be a way out for Meta? We should know in time to come.
👉 Read also – Binance and Ledger join forces to democratize Web3 and cryptocurrencies
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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