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Arweave partners with Meta to store non-fungible tokens (NFTs) on Instagram, the CEO and co-founder of the protocol. Sam Williams Announced on Twitter.
Important Announcement: @meta currently uses Arweave to permanently store their digital collectibles. @Instagram.
Instagram users can now publish a digital collection of posts stored in Arweave.
Some thoughts pic.twitter.com/Y0xjhDwHid
sam.arweave.dev (@samecwilliams) November 2, 2022
Accordingly, AR increased by 61% in the last 24 hours, leading the top 100 tokens. On November 3rd at 03:30 (UTC) he reached a high of $17.85 before graduating down to $16.26 at the time of writing.
The AR price is currently well below the November 2021 all-time high of $89.24, but investor sentiment remains bullish given Meta’s position.
Arweave is a decentralized storage protocol intended to serve as a “persistent storage layer for humanity”. Williams.
“Our community brings people together over time while providing the right to be remembered.“
The Internet consists of information and data that can be changed, edited or deleted by centralized entities. Arweave sees value in solving the web data non-persistence problem.
Arweave’s system is supported by “block weave” – mechanism Cost-effectively enable scalable on-chain storage. As the amount of data in the system increases over time, the amount of hashes required to reach consensus decreases. Ultimately, storage costs decrease as the system scales up.
this is Proof of Access (PoA) Protocol Minor Earn AR tokens by donating disk space and duplicating data stored in the network. “Mining” in PoA means verifying and providing new blocks (of stored information). Cryptographic proof of recall access to information stored in blocks.
comment on the partnership, Williams applause metaDiligence and Implementation of Persistent Storage for Users Adding that persistence is a sign of a quality NFT.
Meta also announced a partnership with Polygon to create and sell NFTs for free on the Instagram platform. However, Stephane Kasriel, Meta’s head of commerce and financial technology, said he will apply the fees after 2024.
Creators will soon be able to create their own digital collections on Instagram and sell them to fans on and off Instagram.
This feature was rolled out as a trial for select US creators and collectors. But he said Meta hopes to expand this feature to other markets soon.
