Arweave (AR) up 60% on Meta and Instagram Partnership, Here’s What You Need to Know

Arweave’s AR token price soared upward 60% after it was revealed that Meta is planning to integrate the project’s services into Instagram. In particular, Arweave services will be used to store digital collectibles, or simply NFTs, the functionality of which has recently been added to the popular social network.

📢Happy to announce that @Meta is now utilizing Arweave for the storage of their creator’s digital collectibles on @instagram!

Bringing data permanence to the giants of web2!https://t.co/7HbquIsMJg pic.twitter.com/TFef5WhrN3

— Arweave Team (@ArweaveTeam) November 2, 2022

As reported by U.Today, Instagram will launch a marketplace to sell NFTs right inside the app, with initial testing being done on Polygon’s blockchain at the moment. According to Stephane Kasriel, responsible for Web3 at Meta, all these innovations are primarily aimed at attracting creators and enabling them to earn.

Storage tokens are pumping

The news of the integration of Arweave’s decentralized storage services has boosted quotations for all cryptocurrencies belonging to this sector. Of the big projects operating in infrastructure and storage, apart from AR, Filecoin (FIL) has risen noticeably, up 15% in the last 24 hours.

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Speaking of FIL, the Filecoin Foundation conference, which is taking place right now, should not be overlooked. The anticipation of important announcements, including the Filecoin virtual machine, is giving the cryptocurrency’s price an additional boost.

Overall, the sector’s capitalization rose 11.7% to $4.57 billion, according to CoinMarketCap. The trading volume of project tokens from this category rose even more significantly, up 191% during the day.