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Snapchat will test features to allow users to submit NFTs

Snapchat will test features to allow users to submit NFTs

Snapchat has reportedly invested in a new method that would allow users to turn their NFTs into AR lenses. These can then be placed on Snaps. Users can now include 3D copies of their NFTs in their Snapchats with this breakthrough. These NFTs can be incorporated into anything from face masks to frame elements.

Snapchat to test NFT features

As social media companies increasingly use digital collectibles to recruit influencers and their followers despite the cryptocurrency crisis, Snap is considering proposals to allow users to display non-fungible tokens in its app.

According to the Financial Times, the feature is in the works and could launch in early August. Artists will be able to use the new feature to turn their non-fungible tokens into Snapchat augmented reality filters that can overlay real-world backgrounds. Before officially launching this feature, the company intends to test it with a select group of creators.

Instagram said in May that it would allow a select group of producers to post NFTs in their feeds, stories and posts. Facebook first tested a comparable set of features for a small group of US users last month. Reddit’s own NFT marketplace, where you can buy digital avatars, just started last week.

Related Reading | Report: Most Gamers Care Less About GameFi

Social Media Staying Competitive

Since Meta is especially focused on virtual reality (VR), it would seem that all the major social media platforms are moving towards integrating new technology in an effort to gain market share and remain competitive.

The NFT test leak appears to be the result of a quick product sprint at Snap — it comes just days after the introduction of Snapchat Plus, its premium subscription service. When the company releases its latest quarter financial results on July 21, one thing to watch out for is any additional information on either of those fronts. In practice, this would help Snap reinforce its message to investors that it’s working on additional revenue-generating ideas to supplement or offset any ups and downs it may encounter in the ad market.

BTC/USD is trading above $20,000. Source: Trade View

Demand for digital collectibles soared last year, creating a $40 billion global market that is used primarily for retail speculation. However, when the excitement died down, prices fell with a broader decline in crypto assets over the previous two months.

Related Reading | New HTC Crypto Phone Comes with Metaverse and NFT Wallet Features

Featured Image from Getty Images, Chart from TradingView

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