Snapchat To Let Users Apply NFTs As Filters

It is important to note that Snapchat is already working with developers who create a range of playful AR filters for users on the platform.

The breakthrough of nonfungible tokens (NFTs) in the crypto world has attracted many celebrities and highly influential people. Moreover, it has gotten the attention of different social media platforms. Most reports indicate that social media platforms are turning to NFTs to attract their fans and influencers.

In that context, the latest to be involved with NFTs is Snap Inc (NYSE: SNAP), an American camera and social media firm. Based on reports, Snap is reviewing its plans to let users display NFTs on its app. Today, the feature that would allow NFT artists to showcase their design as augmented reality (AR) filters are getting prepared to be put to an extensive test.

The initiative as highlighted by two people alleged to be familiar with the situation is expected to be implemented and take effect in late August. First, this would be tested by a handful of creators. It is crucial to note that Snap is already working closely with developers who develop playful AR filters for the users on the platform.

These filters can be overlaid on real-world images and are also referred to as Lenses. With that, developers use third-party services to mint and create NFTs from the platform. The data and images are then transferred to Snapchat in the form of Lenses.

The NFT Market Gained Popularity And Attracted Snapchat

The NFT market gained a lot of popularity after it became a $40 billion global market in 2021. Some financial analysts and experts are convinced that the sector has been used extensively for retail speculation. Nonetheless, that hype is said to have subsided which made the NFT prices drop steeply.

Notably, the recent effort of Snapchat is in line with the vision of most other social media platforms aiming to guarantee that its users make a decent living directly on its platform. Some platforms have started giving rewards for the top-performing posts and sharing revenue acquired from advertising with various influencers.

In the case of Snapchat, they do not have any plans to charge the creators for showing NFTs. Instead, they are looking for a partnership deal with third parties that would enable the creators to monetize their designs.

Meta Platforms Inc has confirmed its plans to offer its 3 billion users access to digital collectibles to get more creators coming to the app. This information was disclosed by the company’s fintech head Stefan Casarial. He also stated that they aim to develop an online world filled with avatars known as the metaverse. In that case, users would use nonfungible tokens to create and trade digital goods and services.