Meta shares might be on a continual death spiral, but news of a major NFT integration in the pipeline has sent two cryptocurrencies to the top of the trending charts.
Meta announced on Tuesday that users of its Instagram and Facebook (NASDAQ:META) social media platforms will soon be able to create and sell NFTs directly to fans via the platforms.
By supporting NFTs, Meta hopes to draw in influencers and their fans who have fled to rival platform TikTok.
To sweeten the deal, Meta has pledged to take zero commission on sales, unlike Apple (NASDAQ:AAPL), which takes a 30% cut on all NFT sales on the App Store.
Polygon has been chosen as the host blockchain for minting and selling. Technically a ‘Layer 2’ platform, Polygon is a scaling solution for the slow and expensive Ethereum blockchain.
In response to the news, Polygon’s MATIC token soared over 12% in the past 24 hours, bringing its market capitalisation up to US$8.4bn, making it the 11th largest cryptocurrency globally.
Trading volumes have tripled, with most activity clocked on the Binance and Coinbane exchanges.
MATIC remains 67% down from its all-time high of US$2.92 – Source: binance.com
Meta chooses Arweave
In addition to the Polygon partnership, Meta also announced that decentralised storage solution Arweave will be used to store creators’ digital assets.
Arweave calls itself “a collectively owned hard drive that never forgets”.
In more prosaic terms, Arweave empowers users to host files on their space storage space in return for a share of the profits, with profits paid out in Arweave’s native AR token.
????Happy to announce that @Meta is now utilizing Arweave for the storage of their creator's digital collectibles on @instagram!Bringing data permanence to the giants of web2!https://t.co/7HbquIsMJg pic.twitter.com/TFef5WhrN3
— Arweave Team (@ArweaveTeam) November 2, 2022
Right now, Arweave users are hosting over 104 terabytes of information.
In response the Meta announcement, AR soared over 52%, bringing its market value to nearly US$521mln and making it the 75th largest cryptocurrency globally.
Trading volumes increased sevenfold, predominantly on the Binance exchange.
So while Meta keeps tanking, at least some Web3 innovators are seeing their value soar.
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