Arweave price pump: How high can AR go after Meta deal to archive FB’s Instagram collectibles?
Arweave (AR) has rocketed by more than 60% after the news that it will be collaborating with the social media network Meta (META).
AR to USD
The blockchain storage solution will be providing its services for Meta’s non-fungible token (NFT) endeavours.
Meta’s Instagram app revealed it will start allowing users to mint and sell NFTs, which will be archived on Arweave.
AR’s breakout
Despite a few peaks, the AR cryptocurrency has struggled with this year’s bear market and it was down 74% for the year to date.
However, after Arweave’s integration with Meta was disclosed on Twitter on Wednesday, the AR token rocketed. It closed 2 November at $11.09 and a day later was trading at $15.88 (at the time of writing).
As of 3 November, the data token had climbed by 60% in the past 24 hours and was up 65% over the previous month.
The Meta deal
Stephane Kasriel, head of commerce and financial technologies at Meta, tweeted that Instagram is moving into the world of NFTs. Businesses will have the functions to create and trade these tokens.
In a post on Medium, he added: “A small group of creators will soon be able to create digital collectibles (NFTs) and sell them right on Instagram. Meta won’t charge fees to create or sell digital collectibles until 2024.”
These digital assets will be stored on the Arweave platform. Instagram is also partnering with the OpenSea NFT marketplace and the Solana (SOL) blockchain to achieve its Web3 ambitions.
Sam William, Arweave’s founder, tweeted in response to this announcement:
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