Snapchat plans to let users showcase NFTs as snap filters
Snapchat may be one of the latest social media companies to join the digital collectibles craze. According to a recent Financial Times report, the social media company may soon be testing NFT AR filters with a small number of users.
Firstly, AR stands for Augmented Reality. Snapchat has a unique feature known as “Augmented Reality Lenses” or “AR Lenses”. It enables users to add real-life enhancements and 3D effects to their stories, making them more engaging. With the introduction of NFTs in the future, users can also add digital collectibles they’ve made or purchased elsewhere to their stories, making them even more compelling.
The report indicates that Snapchat will first test the feature to add NFTs to Stories before fully rolling it out later. The test is scheduled to start in August, with a limited number of users permitted to participate. Artists can import non-fungible tokens they’ve embossed or created on other platforms into Snapchat as AR filters and use them to add incredible enhancements to their stories and showcase their creativity.
Will this Snapchat NFT feature be available for free?
Coincidentally, the leak came just days after the company unveiled Snapchat Plus, a premium version of Snapchat that costs money. One wonders if NFT AR filters will also cost money to use just like SP. The good news is that Snapchat will not charge users money to use NFT filters.
How will NFT creators benefit from Snapchat NFT filters?
According to statistics, Snapchat has around 332 million daily active users. The addition of the NFT feature will be a significant boost for digital avatar artists and sellers. These individuals can showcase their digital collectibles to many people on the platform, some of whom may bring them business. Snapchat is also likely to win in the long run as more NFT vendors join the social media platform to tap into the huge opportunity for buyers.
By the way, Snapchat is not the first social media company to be interested in NFTs. Twitter and Meta have also recently launched some NFT-related features in recent months.
In January of this year (2022), for example, Twitter unveiled NFT profile pictures exclusively for Twitter Blue subscribers. This feature is very similar to the upcoming Snapchat NFT filter feature as it allows users to showcase their NFTs just like the latter. With it, users can set their profile picture to the NFT they hold by connecting to the blockchain wallet and verifying their address.
Similarly, Meta announced on Twitter through Navdeep Singh that it launched an NFT support feature that would enable creators to display their work on the timeline. On June 30, 2022, Meta’s technical program manager shared a screenshot of his work on a social media platform. It’s very similar to what Snapchat plans to test soon.
On July 21, Snapchat publishes its quarterly financial results. We’d love to see if the company expands further on this upcoming NFT support feature. We think it will, as this will be an excellent way for Snapchat to attract investors and increase its stock values. Business people find it attractive when a company continuously comes up with great ideas to attract customers and generate revenue.
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