Although the cryptocurrency market may be in its deepest midwinter, mainstream tech corporations are nonetheless making headway into the market in case it starts to pick up steam again. In the latest development, Snapchat is exploring ways of letting users show off their digital collectibles as AR filters.
The company is set to start this experiment with a limited set of creators in August. In this test, users will be able to create and mint NFTs on another platform and then import them into Snapchat as Lenses.
Social media platforms have used several strategies for NFTs, utilizing the unique dynamics of each platform. One of the first companies to get on the NFT bandwagon was Twitter, which gave its paying users the option to utilize digital items as their avatars.
In May, Instagram said it would allow a limited set of creators to show off NFTs in their Feeds, Stories, and Messages. Facebook also started testing a similar set of features for a limited number of users in the U.S last month. Additionally, Reddit launched its own NFT marketplace where you can buy digital avatars for a fixed price through fiat currency last week.
According to Financial Times, Snapchat doesn’t plan to take any money from creators that plan to show off their digital collectibles like Twitter, Instagram, and Facebook. Rather, it is thinking about ways those artists can monetize their work.
Snap’s closest rival in the NFT space would be Meta, given the company has already said it wants to bring them into the “real world” using its own SparkAR technology. Furthermore, Meta’s Head of Fintech, Stephane Kasriel said in an interview that the firm aims to create a marketplace for digital collectibles that could be used in the metaverse.
The NFT test seems to be part of a mini product sprint via Snapchat and it’s coming just days after Snapchat launched its premium subscription Snapchat Plus.