Snapchat to test features to let users view NFTs
According to reports, Snapchat has invested in a new method that allows users to turn their NFTs into AR lenses. Then these can be set in Snaps. Users can now include three-dimensional copies of their NFTs in Snapchats thanks to this advancement. These NFTs can be incorporated into everything from face masks to objects in the frame.
Snapchat to test NFT features
As social media companies increasingly resort to digital collectibles as a means of recruiting influencers and their fans despite the cryptocurrency crisis, Snap is looking at proposals to let users display non-fungible tokens on their app.
According to the Financial Times, the feature is currently being prepared and may be released as soon as August. Artists will be able to use the new functionality to transform their non-fungible tokens into Snapchat augmented reality filters that can be placed over real-world backgrounds. Before formally implementing this functionality, the company intends to try it out with a select group of creators.
Instagram said in May that it would allow a select group of manufacturers to display NFTs in their feeds, stories and messages. A comparable set of features was first tested by Facebook for a small group of US users last month. Reddit’s own NFT marketplace, where you can buy digital avatars, started just last week.
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Social media companies remain competitive
Given that Meta focuses specifically on Virtual Reality (VR), it seems that all the major social media platforms are moving towards incorporating new technology in an attempt to gain market share and remain competitive.
The NFT test leak appears to be the result of a rapid product sprint at Snap: It comes just a few days after Snapchat Plus, the premium membership service, was introduced. When the company announces its financial results for the last quarter of July 21, it is one thing to be aware of any additional information on one of these fronts. Conveniently, this will help Snap strengthen its message to investors that it is working on additional revenue-generating ideas to complement or compensate for any ups and downs it may experience in the advertising market.
BTC/USD trades above $20k. Source: TradingView
Demand for digital collectibles skyrocketed last year, creating a global $ 40 billion market used primarily for retail speculation. But as tensions eased, prices collapsed with a wider crash of cryptocurrencies over the previous two months.
Related reading | HTC New Crypto phone comes with Metaverse and NFT wallet features
Featured image from Getty Images, chart from TradingView
