The cryptocurrency market may have its ups and downs in deep midwinter, but that’s not stopping tech companies from continuing to experiment in the space. The main intent behind these experiments is the trend may light up again. In the latest story, Snap is analyzing ways to let artists exhibit their digital collectibles/NFTs as AR filters on Snapchat.
As per reports, the company is willing to start this experiment with a narrow set of creators next month. In this experiment, artists can easily create and mint NFTs on another platform and then import them into their Snapchat as Lenses. The reports also suggest that Snap doesn’t intend to take any money from creators to exhibit their digital NFTs (just like Twitter, Instagram, and Facebook). Instead, it is figuring out a way to how those artists can easily monetize their work.
Social media platforms have been bearing different approaches to NFTs leveraging the particular dynamics of their separate platforms. Twitter was one of the first ones to get onboard the NFT caravan by presenting the ability to set digital collectibles as avatars for its paid users.
Snapchat joins the likes of Facebook, Instagram, and Twitter…
In May, Instagram mentioned that it would authorize a limited set of creators to present NFTs in their Feeds, Stories, and Messages. Last month, Meta (Facebook) started testing an equivalent set of features for a finite number of users in the U.S. Just last week, Reddit also launched its own NFT marketplace where you can purchase digital avatars for a fixed price via fiat currency.
Snap’s nearest 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.
The leak of the NFT test appears to be part of a mini product sprint at Snap: It’s coming just days after Snapchat revealed its premium subscription Snapchat Plus. When the company announces its quarterly financial results next week on July 21, one thing to focus on is whether it magnifies any further on either of these fronts, which, conveniently, would help Snap strengthen the message to investors that it is exploring more ideas to generate revenue, to complement, or offset, whatever ups & downs it might face in the advertising market.
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