Snapchat To Allow Users To Showcase NFTs As Filters
Social media company, Snap Incorporated. is testing a feature that would allow users to showcase non-fungible tokens (NFTs) on its application.
The feature would allow NFT artists to showcase their designs on the social media platform as augmented reality filters. according to a report by Financial Times. The beta test feature will be available to a handful of “creators” from the end of August.
The development comes at a time when social media companies are amping up their focus on NFTs despite the cryptocurrency market facing an impending crash and ever-increasing competition from Chinese competitors like TikTok.
Snap has built up a roster of developers who use its platform to create playful AR filters for users, known as Lenses, which can be overlaid onto real-world images.
Using a third-party service off the platform, developers will be able to mint or create, NFTs that are transferable to the social media platform. as Lenses.
According to sources. Snap does intend to charge the creators for showcasing NFTs. However, the social media company is exploring third-party partnerships that would help creators monetise their NFT designs.
Last week, Facebook, Instagram, and WhatsApp's parent company, Meta platforms, had revealed its plans to roll out access to NFTs. Meanwhile, Reddit, also announced plans to launch its own NFT avatars collection to its users.
