Arweave teams up with Meta for NFT storage, AR token spikes 61%
Arweave is partnering with Meta to store non-fungible tokens (NFTs) on Instagram, the protocol’s CEO and co-founder Sam Williams announced on Twitter. In response, AR saw 61% gains over the last 24 hours to lead the top 100 tokens. A local top of $17.85 was hit at 03:30 (UTC) on Nov. 3, leading to a gradual trickle-down to $16.26 as of press time.
The internet is made up of information and data that is subject to change, redaction, and removal at the hands of centralized entities. Arweave sees value in solving the issue of web data impermanence. Underpinning Arweave’s system is “the blockweave” — a mechanism that cost-efficiently enables scalable on-chain storage. As the amount of data in the system increases over time, the amount of hashing needed to reach consensus goes down. The end result is a decreasing cost of storage as the system scales up.
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