AR, the native token of blockchain-based data storage solution Arweave, surged as Facebook and Instagram's parent company Meta (FB) said it will utilize the Web3 platform to archive their creators' digital collectibles.
The cryptocurrency has jumped more than 60% from $10.5 to $16.6 in the past 24 hours, according to data source Messari. The rally has boosted the cryptocurrency's market cap to $838 million, making it the third-largest Web3 token worldwide.
Stephane Kasriel, head of commerce and financial technologies at Meta, disclosed the Arweave integration on Twitter late Thursday.
The integration means Instagram users can now issue digital collectibles for their posts, stored on Arweave, the Web3 platform's CEO and co-founder Sam Williams tweeted.
In other words, Meta is bringing data permanency to its platform with the help of decentralized storage technology. It's no surprise that native tokens of other Web 3 data storage platforms like Filecoin and Storj have gained 10% and 25%, respectively.
Arweave allows users to retain information forever. The data, once entered, cannot be altered. Users need to purchase the storage space by paying the AR token.
Potential users range from individuals looking to archive a favorite photograph or another blockchain seeking additional storage for its transaction history.
Early this year, the censorship-resistance platform was reportedly used to archive millions of documents from war-hit Ukraine and store the aggressor Russia's misinformation and propaganda.