According to reports, Snapchat has been investing in a novel method that would let users turn their NFTs into AR lenses. Then, these can be put inside Snaps. Users can now include three-dimensional copies of their NFTs in their Snapchats thanks to this advancement. These NFTs can be incorporated into anything from face masks to items 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 into proposals to let users showcase non-fungible tokens on its app.
According to the Financial Times, the feature is now being prepared and might 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 may be superimposed on backgrounds from the real world. Before formally deploying this functionality, the business intends to try it out with a select group of creators.
Instagram said in May that it would permit a select group of producers to display NFTs in their Feeds, Stories, and Messages. A comparable set of features 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, just started last week.
Related reading | Report: Most Gamers Care Less About GameFi
Social Media Companies Staying Competitive
Given that Meta focuses especially on Virtual Reality (VR), it would seem that all of the main social media platforms are moving toward incorporating new technology in an effort to gain market share and stay competitive.
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, its premium membership service, was introduced. When the company releases its financial results for the most recent quarter on July 21, one thing to pay attention for 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.
BTC/USD trades above $20k. Source: TradingView
The demand for digital collectibles skyrocketed last year, creating a $40 billion global market that is mostly utilized for retail speculation. However, when the excitement faded, prices fell along with a wider crash of crypto assets during 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