SNEAK PEEK
- With the help of the decentralized data storage protocol Arweave, data storage needs are matched with persons who have extra hard drive space.
- Arweave has been incorporated into Meta to provide long-term storage for Instagram digital assets.
- Since the announcement of the Meta integration, the price of Arweave’s native token, AR, has increased by as much as 75%.
To give consumers the ability to retain data indefinitely, Arweave was founded in 2017. The protocol connects users with extra hard drive space with others who need to effectively host material or keep data.
According to a meta announcement creators will soon be able to produce their own digital collectibles on Instagram and sell them to fans both on and off Instagram. For NFT issuance, Meta will support a variety of blockchains, starting with Polygon and Solana.
The platform’s Digital Collectibles function, which enables users to link to their digital wallets and display NFTs that they have either generated or purchased, was made available in 100 countries.
📣 Major announcement: @Meta is now using Arweave to permanently store digital collectables from @Instagram.
— 🐘🔗 sam.arweave.dev (@samecwilliams) November 2, 2022
Instagram users are now able to issue digital collectables for their posts, stored on Arweave.
Some thoughts 👇 pic.twitter.com/Y0xjhDwHid
Arweave’s founder Sam Williams tweeted:
Users of Instagram may now create digital memorabilia for their posts that are saved on Arweave.
We’re rolling this out on @0xPolygon blockchain to start.💜 We’re also expanding the types of collectibles you can display on Instagram to include videos & adding support for @solana and Phantom. Plus new integrations with @OpenSea and @Arweaveteam! [2/6]
— Stephane Kasriel (@skasriel) November 2, 2022
In a different tweet, Stephane Kasriel( the lead of commerce, fintech, and web3) further confirmed the Arweave protocol inclusion. Meta thinks NFTs can support the growth of the creator economy. According to where we believe the NFT market is headed, “it’s still early.”
We’re giving the billions of people who use our apps more opportunities to engage with and support their favorite creators, which, in turn, unlocks more opportunities, by making NFTs simpler to use natively on Instagram.
