Arweave’s Token Soars After Meta’s Integration Announcement

AR, the native token of blockchain-based data storage service Arweave, soared after Facebook and Instagram’s parent company Meta announced plans to preserve its creators’ digital treasures on the Web3 platform.

Late Thursday, Stephane Kasriel, Meta’s head of commerce and finance technology, announced the Arweave integration on Twitter.

According to the Web3 platform’s CEO and co-founder Sam Williams, the connection means Instagram users may now issue digital collectibles for their posts that are housed on Arweave.

In other words, Meta is using decentralized storage technology to offer data permanence to its network. Arweave allows users to save information indefinitely. Once entered, the data cannot be changed. Users must spend the AR token to obtain storage space.

As a result, in the last 24 hours, the token has increased by more than 70%, from $10.2 to $17.7. The market cap has risen to $1.029 billion, making it the world’s third-largest Web3 token.

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