Meta has disclosed a partnership with Arweave (AR) to facilitate NFT integration on Instagram.
Arweave is a popular web3 data protocol that offers data storage on decentralized networks.
The platform's storage services are dubbed unique considering that Arweave offers permanent storage facilities by allowing users to pay a single up-front fee.
Instagram x Arweave
Arweave's native token, AR, has soared 50% as Facebook's parent company Meta announced the protocol's integration with its photo-sharing app Instagram.
Per the latest announcement, Instagram will be utilising Arweave's unique permanent storage facility to allow NFT creators to store their digital collectables on Instagram.
Arweave is a unique web3 protocol that describes itself as "a collectively owned hard drive that never forgets."
In general terms, Arweave primarily works by connecting users who have extra disc space available with those who are currently in need of additional disc space.
The protocol boasts a new feature called "permaweb," which allows users to build and host a wide range of decentralised websites and applications. It also helps users store information that can be tracked using the blockchain.
Permaweb's promising features and specifications helped Arweave attract $5 million in funding from a16z.
How does Arweave (AR) work?
Arweave's native AR token is used to pay miners who help store network data. At press time, the token is up 51%, trading at a value of $15.33.
Users can use AR tokens to pay the protocol's one-time fee and start accessing the protocol's storage facility.
With Meta partnering with Arweave, the platform is set to seamlessly allow NFT creators to archive their NFT collections and later sell them at their discretion.
Arweave has slowly emerged as a leading hub for users looking forward to storing important information and images online.
According to Arweave's founder Sam Williams, the platform has reportedly been used to archive millions of documents from war-hit Ukraine. According to Williams, 'these records are stored in hundreds of places across the world, backed by an endowment, with no centralized points of failure.'
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