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Snapchat Brings Functionality That Involves NFTs 

source-logo  thecoinrepublic.com 15 July 2022 17:30, UTC
  • Snapchat tested a method that converts NFTs into AR lenses.
  • The feature is currently in its development stage. It could be released as soon as August.
  • The demand for digital collectibles has dramatically increased in recent years. 

The latest reports reveal that Snapchat is introducing some methods that will let users turn their NFTs into AR lenses. These lenses can be put inside Snaps. In the new advancement, users will be able to have  three-dimensional copies of their NFTs in their Snapchats. NFTs will be able to integrate into anything from face masks to items in the frame.

Snap is also exploring proposals to let users display non-fungible tokens on its app. Since social media firms are continuously seeking different ways to use digital as a means of recruiting influencers and their fans despite the cryptocurrency crisis. 

The feature is currently in the preparation stage, according to the Financial times. It could be released as early as August. The artists will be able to use the new functionality to transform their non-fungible tokens into Snapchat augmented reality filters. Before moving forward with this functionality, the business aims to experiment with a bunch of people. 

In May, Instagram said that it would allow a group of producers to showcase NFTs in their Feeds, Stories, and Messages. Last month Facebook tested a comparable set of features on a small group of American users. On the other hand, Reddit started its own NFT marketplace where users can buy digital avatars. 

It appears that leading social media platforms are looking forward to integrating new technology. To stay competitive and gain market share is the major motivation. Meta has already shifted all of its focus on Metaverse and Virtual Reality (VR).

As of last year, the demand for digital collectibles soared high. It led to the global market reaching $40 billion which was mostly utilized for retail speculation. In the previous two months, the excitement dimed resulting in the wider collapse of crypto assets.