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It is important to note that Snap is already working with developers who create playful AR filters for users using the platform.
The breakthrough of Non-Fungible Tokens (NFTs) in the crypto space has not only attracted celebrities and highly influential individuals but also gotten the attention of various social media platforms. Many reports indicate that social media platforms have turned to NFTs to attract influencers and their fans. The latest to be involved is Snap Inc (NYSE: SNAP), an American camera and social media company. According to reports, Snap is reviewing plans to allow users to display NFTs on its app. Currently, the feature that would permit NFT artists to showcase their design as augmented reality filters is being prepared to be put to test.
The initiative as disclosed by two people said to be familiar with the situation is expected to take effect in late August. For the start, this would be run with a handful of creators. It is important to note that Snap is already working with developers who create playful AR filters for users using the platform. This can be overlaid on real-world images and is also known as Lenses. With this, developers make use of third-party services to mint or create NFTs from the platform. This is then transferred to Snap in the form of Lenses.
The NFT market grew in popularity after becoming a $40 billion global market last year. Some financial experts believe that this industry has been used for retail speculation. The hype is said to have subsided, forcing the NFT prices to take a nosedive. The recent effort of Snap is in line with the vision of many other social media platforms seeking to ensure that its users make a living directly on its platform. Some platforms have begun giving rewards for top-performing posts, as well as sharing revenue obtained from advertising with certain influencers.
In the case of Snap, they have no plans to charge creators for showing NFTs. Instead, they are seeking a partnership deal with third parties that would help creators monetize their designs.
Meta Platforms Inc (NASDAQ: META) has also disclosed its plans to offer its 3 billion users access to digital collectibles to get creators to its app. This was disclosed by its fintech head Stefan Casarial. He also disclosed that they plan to create an online world full of avatars called the Metaverse. In this case, users would use NFT to create and trade digital goods and services.