Filecoin Price Prediction – Watch Out For FIL Today as 15% Gain Yesterday

FIL, the native token of the decentralized storage network Filecoin, has gained around 15% over the past 24 hours amid the news that Meta has selected a decentralized data storage solution to archive its creators’ digital collectibles.

The token is currently trading at $5.96, up by 13.6% over the past day. Furthermore, FIL is up by 19.7% over the past 14 days and by 8.0% over the past month, according to data by CoinGecko. 

FIL Rallies as Demand for Decentralized Storage Rises

FIL started a rally last night following the news that Meta plans to use a decentralized data storage solution to archive its creators’ digital collectibles.

Stephane Kasriel, head of commerce and financial technologies at Meta, announced in a late Thursday tweet that the tech giant has inked partnerships with some major Web3 projects to offer creators a bunch of new tools to help them build their businesses.

“We’re rolling this out on Polygon blockchain to start. We’re also expanding the types of collectibles you can display on Instagram to include videos & adding support for Solana and Phantom. Plus new integrations with OpenSea and Arweave!” he said. 

Arweave is a hard drive tool that offers blockchain-based data storage solutions. The protocol achieves this by matching people who need storage with those who have extra space, creating a decentralized network of devices that offer data storage.

In short, Meta plans to use Arweave to archive its creators’ digital collectibles and store the digital assets issued by Instagram users. Instagram announced yesterday that it will allow creators to mint and sell NFTs directly from the social media platform.

Arweave’s native token AR has gained around 60% following the news. Storj, another decentralized data storage solution, has also benefited from the news, surging by around 10% over the past day.