Snapchat to soon allow artists to turn their NFTs into filters
Snapchat is now exploring plans to permit customers to showcase non-fungible tokens on its app. This is because social media platforms are turning more and more to digital collectibles to attract influencers and their followers despite the crypto crash.
The Los Angeles-based social media company is getting set to test a feature that might allow NFT artists to present their works as augmented reality filters on the Snapchat platform.
Snapchat to Roll Out NFT Integration by End of August
According to reports, testing will begin next month, and artists will be given the opportunity to create NFTs and earn money from them through other apps. Similarly, they will be offered the opportunity to transfer them to Snap as Lenses.
Developers will be able to mint or create, NFTs using a third-party service outside of the platform before transferring them to Snap as Lenses. The knowledge would ensure that these filters are unique to that creator.
While the NFT endeavor is still in its early stages, it is Snap's first step into the wild world of digital assets. Snap currently offers private chat and cute snapshot alternatives to its primarily millennial and young Generation Z audience.
More about Snapchat
Snap has unveiled a premium version of its popular social media platform, which includes "exclusive" and "experimental" features. The Snapchat+ subscription, which costs $3.99 per month, will provide a unique experience to "some of the most enthusiastic members of our community," the firm said in a statement on Wednesday. The corporation did not provide any other information regarding the strategy.
Snapchat, which saw an increase in usage during the pandemic, has had a turbulent few months. In May, the company slashed its revenue and profit estimates and announced a hiring freeze, sending its stock down 43%. Earlier this month, the Santa Monica, California-based startup began piloting a subscription service.