Snapchat could be one of the latest social media companies to participate in the digital collectibles craze. Going by a recent Financial Times report, the social media company could soon test NFT AR filters with a small number of users.
For starters, AR stands for Augmented Reality. Snapchat has a unique feature known as “Augmented Reality lenses” or “AR lenses.” It enables users to add real-world enhancements and 3D effects to their stories, making them more engaging. With the introduction of NFTs in the future, users can also add digital collectibles they have created or bought elsewhere to their stories, making them even more compelling.
The report indicates that Snapchat will first test the feature to add NFTs to stories before rolling it out entirely later. The test is scheduled to begin in August, with a limited number of users permitted to participate. Artists can import non-fungible tokens they’ve minted or created on other platforms to Snapchat as AR filters and use them to add incredible enhancements to their stories and show off their creativity.
Will This Snapchat NFT Feature Be Available For Free?
It’s a coincidence that the leak came out just days after the company unveiled Snapchat Plus, a premium version of Snapchat that costs money. One may wonder whether or not NFT AR filters will also cost money to use just as SP. The good news is that Snapchat will not charge users any money to use NFT filters.
How Will NFT Creators Benefit from Snapchat NFT Filters?
According to statistics, Snapchat boasts some 332 million daily active users. The addition of the NFTs feature will be a significant boost to artists and sellers of digital avatars. These individuals can showcase their digital collectibles to many people on the platform, some of whom may give them business. Snapchat will also likely gain in the long run as more NFT vendors join the social media platform to tap into its vast opportunity for buyers.
By the way, Snapchat isn’t the first social media company interested in NFTs. Twitter and Meta have also recently rolled out some NFT-related features over the past few months.
In January this year(2022), for example, Twitter unveiled NFT Profile Pictures exclusively for Twitter Blue subscribers. This feature is very similar to the upcoming Snapchat NFT filters feature as it allows users to show off their NFTs just like the latter. With it, users can set their profile picture to the NFT they possess by connecting their blockchain wallet and verifying their address.
Similarly, Meta announced on Twitter through Navdeep Singh that it was launching an NFT support feature that would enable creators to display their work on their timeline. On June 30, 2022, the Meta technical program manager shared a screenshot of his work on a social media platform. It’s very similar to what Snapchat is planning to test soon.
On July 21, Snapchat will release its quarterly financial results. We’ll be keen to see whether the company elaborates any further on this upcoming NFT support feature. We believe it will as this would be an excellent way for Snapchat to attract investors and increase its share values. After all, business people find it attractive when a company continuously comes up with great ideas to attract clients and generate revenue.