“Instagram users are now able to issue digital collectibles for their posts, stored on Arweave,” Sam Williams, the CEO and founder of Arweave, tweeted on Thursday. Following the announcement, Arweave’s native token AR has jumped more than 50% from $10.2 to $15.3, according to TradingView data.
Earlier this week, Meta announced it is working to bring the “end-to-end toolkit” for Instagram NFTs that will allow users to mint and sell digital collectibles through the app. “A small group of creators will soon be able to create digital collectibles (NFTs) and sell them right on Instagram,” Meta’s Head of Commerce and Fintech Stephane Kasriel said in a statement.
“Blockchain has a role in this because it can enable entirely new business models for creators that give them more control over their work and audiences, and how they monetize. But for this tech to truly boost economic opportunity for creators, it needs to be easier to use,” he added.
Founded in 2017, Arweave bills itself as a “global permanent pendrive,” allowing users to store data on the network for a one-time fee paid in AR tokens. Arweave’s permanent storage was used to archive millions of social media posts, photos, videos, and articles documenting the war in Ukraine and Hong Kong protests.