Although the cryptocurrency market may be in its deepest midwinter, conventional IT businesses will continue to explore the area in case things start to heat up again. Snap is currently investigating methods to enable artists to display their digital collectables as AR filters on Snapchat.
Financial Times (FT) said that the corporation would launch this trial in August with a small group of creators. Artists can produce and mint NFTs in this test on a different platform and then import them as lenses onto Snapchat. According to the FT, Snap, like Twitter, Instagram, and Facebook, has no plans to charge creators to display their digital artifacts. It is more about considering how these artists might monetize their creations.
Social media sites have used the unique characteristics of their platforms to adopt various approaches to NFTs. One of the first to get on the NFT trend was Twitter, which gave its paying users the option to utilize digital items as their avatars.
Instagram announced in May that a select group of creators would be able to display NFTs in their feeds, stories, and posts. Facebook first tested similar features for a small group of US users last month. Reddit's own NFT marketplace, where you can purchase digital avatars for a set price using fiat currency, just started last week.
Since Meta previously stated that it intends to use its SparkAR technology to bring NFTs into the "real world," Snap's main competition in this market would be Meta. Furthermore, according to Stephane Kasriel, director of the fintech at Meta, the business wants to establish a market for digital collectables that might be applied in the metaverse.
The NFT test leak comes only days after Snapchat introduced its premium subscription service Snapchat Plus, suggesting that Snap is engaged in a small product sprint. It will be interesting to see if the company makes progress on any of these fronts before releasing its quarterly financial results on July 21. This will help Snap reinforce to investors that it's working on more ideas to monetize it, to supplement or compensate for all the ups and downs it may face in the advertising market.
About Snapchat
Snap is a private company focusing on social media and global technologies. Snapchat was created by Snap and allows users to share photographs and videos to other people while also adding text and drawings. In 2016, it unlocked the Snapchat app from smartphone cameras with the debut of Spectacles, a pair of video-sharing sunglasses.
