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Instagram to open NFT creation and trading features! Stored via Arweave, AR surges by 50%

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Instagram to open NFT creation and trading features! Stored via Arweave, AR surges by 50%

Meta announced today that it will soon allow creators to showcase their digital artworks, known as NFTs, on Instagram. Users will be able to purchase these pieces directly on Instagram to support their favorite creators. In addition, Meta has integrated with storage protocol Arweave to enable the preservation of NFTs on the Arweave platform.

Instagram NFT Function Makes Significant Progress

According to Stephane Kasriel, Head of Business and Financial Technology at Meta, the blockchain that first supports this feature is Polygon. Meta will charge fees for creating and selling digital collectibles until 2024, and will pay gas fees for buyers upon release.

"We believe that creators should have a variety of options when it comes to when, where, and how they monetize. With our open approach, creators can add any collectibles they create on Instagram to their favorite wallets to take them off the platform."

In addition, the NFT display feature on Instagram has been updated to now allow the display of videos and support for linking to Solana and Phantom wallets.

The metadata and information of these NFTs will be provided by OpenSea, including the title and description of the works.

Preserving Digital Collectibles Through Arweave

Following the announcement of the new Instagram NFT feature, blockchain storage protocol Arweave also announced that Meta will use Arweave to store digital collectibles created by Instagram creators.

As a result of this news, Arweave saw a single-day increase of 50%, with a price of $15.41 at the time of writing.

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