The Arweave token gained 52% overnight

The value of the altcoin rose sharply after a major social network began using its NFT storage platform


The Arweave token rose 52% overnight, to current levels of around $15.1. At its peak, the value of the altcoin exceeded $17.4, renewing its highest since mid-May. The cryptocurrency has a market capitalization of $768.9 billion with daily trading volumes of $507.6 billion, according to CoinGecko.


Altcoin began to appreciate after Meta  integrated the Arweave protocol to add NFT to Instagram.


"Instagram users can now post their NFTs stored in Arweave as social media posts," Arveawe founder Sam Williams wrote. Meta's head of commerce, fintech and web3 Stefan Kasriel also confirmed the information.


Earlier this week, the company announced that users would be able to create their own NFTs on Instagram and sell them both on and off the social network. Meta* stressed that it would support a variety of blockchains to release NFTs, starting with Polygon and Solana.


In August, Meta* announced the introduction of NFT to Facebook and Instagram. To issue NFTs, consumers were encouraged to link a digital Wallet to an online account on any of these platforms. Wallets that work with social networking platforms include Rainbow, MetaMask, CoinbaseWallet and Trust Wallet. There is no fee for the offering of non-exchangeable digital tokens.

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Author: (03/11/2022)

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