Quick take:
- Snap is jumping on the Web3 train with a test feature for displaying NFTs.
- The feature would let NFT artists showcase their designs on Snapchat as augmented reality (AR) filters.
- The social media company is joining the likes of Meta, Twitter and Reddit, all of which have rolled out various NFT features.
Snap is diving into the Web3 craze with a new feature for displaying NFTs. The Financial Times reported on Wednesday that the social media company is testing a feature that would let artists showcase their designs on Snapchat as augmented reality (AR) filters.
The company is following Meta, Twitter, Reddit and others that have chosen to bring NFTs to their platforms in a bid to attract influencers.
Non-fungible tokens (NFTs) and digital representations of art, videos, or music files that are built on blockchain technology. They have become a popular way of providing proof of ownership of a digital collectible, thus attracting celebrities, music artists and athletes.
According to FT, the test will comprise a handful of creators and is due to begin at the end of next month. Snap could be looking to utilise its design AR filters known as Lenses to allow users to display their digital collectibles.
Snap lenses can be laid over real-life images, which means NFTs created using third-party services can be easily displayed on Snap as lenses, the report stated, citing unnamed sources familiar with the matter.
According to the report, Snap does not plan to charge creators showcasing their NFTs, also adding that it will make sure the filters are attributed to the correct creator.
The move is seen as a direct response to Meta’s plans to roll out features that allow creators to display their work as NFTs. The world largest social media conglomerate said its new service was targeting the younger demographics by offering more ways to monetise art.
Facebook said it is launching an NFT program with Ethereum and Polygon for some U.S. creators as part of a broader strategy of giving the conglomerate’s 3 billion users the power to accumulate digital collectibles.
Although Snap is yet to confirm or deny reports linking it to NFTs, it would be joining a growing list of social media companies that embraced the non-fungible token frenzy. Twitter rolled out a feature that allows users to show off their NFTs in January this year.
Reddit launched an NFT marketplace last month alongside an NFT drop for limited edition collectible avatars. The company had announced in January plans to join the NFT bandwagon with an NFT profile picture feature.
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