Snapchat could be one of the latest social media sites to join the digital collectibles trend. According to a recent article in the Financial Times, the social media company could soon test NFT AR filters with a small group of users.
For starters, AR stands for Augmented Reality. Augmented Reality lenses, or “AR lenses,” are a unique feature of Snapchat. It lets users add things from the real world and 3D effects to their stories, which makes them more interesting. With NFTs, users will be able to add digital collectibles they made or bought elsewhere to their stories, which will make them even more interesting.
According to the report, Snapchat will first test the ability to add NFTs to stories before putting it in place for everyone. The test is set to start in August, and only a small number of users will be able to take part. Artists can bring non-fungible tokens they’ve made or mined on other platforms and use them as augmented reality (AR) filters in Snapchat to make their stories look even better and show off their creativity.
Will it cost anything to use this Snapchat NFT feature?
It’s a coincidence that the leak happened right after the company released Snapchat Plus, a paid version of Snapchat. One might wonder if, just like SP, it will cost money to use NFT AR filters. Users won’t have to pay anything to use NFT filters on Snapchat, which is good news.
How will Snapchat’s NFT filters help people who make NFTs?
Statistics show that about 332 million people use Snapchat every day. With the NFTs feature, artists and sellers of digital avatars will get a big boost. On the platform, these people can show off their digital collectibles to many people, some of whom may buy from them. Snapchat will probably also do better in the long run as more NFT sellers join the social media platform to take advantage of the many buyers who use it.
Also, Snapchat is not the only social media company that is interested in NFTs. In the past few months, Twitter and Meta have also added new features that are related to NFT.
In January of this year (2022) for instance, Twitter introduced NFT Profile Pictures that were only available to Twitter Blue users. This feature is very similar to the upcoming Snapchat NFT filters, as it also lets users show off their NFTs. With it, users can connect their blockchain wallet and verify their address to set their profile picture to the NFT they own.
Navdeep Singh, who works for Meta, also posted on Twitter that the company was adding an NFT support feature that would let creators put their work on their timeline. The Meta technical program manager posted a picture of his work on a social media site on June 30, 2022. It’s a lot like what Snapchat wants to try out soon.
On July 21, Snapchat will share its financial results for the third quarter. We’ll be interested to see if the company says anything more about this new NFT support feature. We think it will, since this would be a great way for Snapchat to bring in investors and raise the value of its shares. After all, business people like it when a company keeps coming up with great ways to bring in customers and make money.