Although the crypto market is in the midst of a deep correction, and NFT sale volumes are 92 percent below what they were in January, that isn’t stopping social media companies from dabbling with digital art.
Snapchat is the latest in a long list of social media companies incorporating NFTs into their platform. However, unlike other platforms, Snapchat is testing out ways for creators to show off their NFTs as a filter on the platform, as reported by The Financial Times.
The feature is currently in development, with release estimates pointing to August. At first, the new feature will be enabled only for certain creators, before being widely rolled out for all users.
Creators would be able to convert their non-fungible tokens into augmented reality filters against real-world backdrops. Snapchat doesn’t intend to charge its users for the feature, and instead, it wants to establish partnership deals with third parties to help creators monetize by displaying their NFTs, as reported by TechCrunch.
This comes soon after Reddit announced that it is launching limited-edition, Blockchain-backed avatars to the platform.
It is currently unknown whether the new feature will be a part of Snapchat’s new Snapchat+ subscription tier. Considering that Snapchat+ includes a collection of exclusive, experimental, and pre-released features, it is likely that NFTs would first arrive to those that are subscribed.
Learn more about Snapchat’s new subscription tier here.
Source: The Financial Times.