Artists will be able to show their NFTs as AR filters on Snapchat
According to reports this week, the social media site Snapchat is experimenting with new ideas to create digital treasures for artists. Clearly, the shifting cryptocurrency industry is seeking more and more strategies to convince tech companies to join the emerging non-fungible token (NFT) market. According to the sources, Snapchat Inc. is examining ways to let artists use AR filters on the platforms to display their digital artifacts to the public. Additionally, the dominant social media platform plans to not charge these creators for using this service. It is said that the company is looking forward to forming partnerships with companies that will allow the makers of the NFTs shown on the site to make money from them.
Additionally, a source mentions how the social media behemoth intends to test a certain number of authors next month. It states that the artists will have the power to mint NFTs and subsequently include them in their Snap Lenses. Snapchat released a statement on Wednesday, July 13 addressing the introduction of a premium edition. With the creation of a premium alternative, Snap Inc. added more “exclusive and experimental” features to the well-known social media platform. The monthly cost for the new edition, known as “Snapchat Plus,” would be $3.99. The corporations explained in their announcement how this subscription will give the member who is “most passionate” about its “community” a fresh experience. Snapchat hasn’t yet offered any other information about the development.
Even though its usage increased during the COVID-19 outbreak, Snapchat had a rough few months. The social media juggernaut lowered its profit and sales projections a few months ago, declaring that it would stop hiring, which caused its stake to fall to 43%. The Santa Monica, California-based business started testing its subscription service a year ago.
On the other hand, Twitter introduced NFT profile images first in 2021. Instagram and Facebook, both owned by Meta Platforms Inc., began experimenting with NFTs in May 2021. This was the first time they allowed a group of individuals to freely exchange NFTs they had created or acquired on their profiles. Additionally, Snapchat is testing a new function that would let users respond to “Spotlight videos.” These are short videos that look like the ones on TikTok. They are similar to the Reels on Facebook and Instagram.