Snapchat Is Reportedly Planning to Incorporate NFTs into its Platform

Although the cryptocurrency market may be in its deepest midwinter, major tech businesses are nevertheless exploring the possibility of investing in the space in case things pick up again. The most recent development is Snap looking at how to enable artists to display their digital collectibles as AR filters on Snapchat.

Snap, the parent firm of the social media network Snapchat, is reportedly planning to incorporate non-fungible tokens (NFTs) into its platform. Snapchat will allow developers to utilize NFTs as augmented reality lenses, the Financial Times said.

According to the same report, the company intends to launch this trial in August with a select group of creators. Artists will be able to create and mint NFTs in this test on a different platform, then import them into Snapchat as Lenses. According to the FT, Snap, like Twitter, Instagram, and Facebook, doesn't intend to charge artists to display their digital collectibles. Instead, it is considering ways for artists to monetize their creations.

Social media networks have used several strategies for NFTs, utilizing the unique characteristics of each platform. One of the first companies to get on the NFT trend was Twitter, which gave its paying users the option to utilize digital items as their avatars.

‍Instagram said in May that it will allow a select group of creators to display NFTs in their feeds, stories, and messages. A comparable set of capabilities were first tested by Facebook for a small group of American users last month. Reddit's own NFT marketplace, where you can purchase digital avatars for a set price using fiat cash, just started last week.

The NFT test leak appears to be a result of a quick product sprint at Snap: It happens only a few days after Snapchat Plus was introduced, its premium membership service. When the company releases its financial results for the most recent quarter on July 21, one thing to pay attention to is any additional information on either of these fronts. Conveniently, this would help Snap strengthen its message to investors that it is working on additional revenue-generating ideas to complement or offset any ups and downs it may experience in the advertising market.

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