With Snap Eye Snapchat Offers NFTs as AR Filters

Traditional tech companies are looking into the idea of investing in the cryptocurrency industry even though it may be in the middle of its longest winter. Snap is actively exploring options for letting artists use Snapchat’s AR filters to showcase their digital works.

The business plans to start this trial in August with a restricted number of manufacturers, according to a Financial Times report. In this test, creators will be allowed to create and mint NFTs on a different platform before importing them as Snapchat Lenses. 

The Financial Times reports that Snap, like Twitter, Instagram, and Facebook, has no plans to charge artists a fee to display their digital goods. Instead, it involves considering how such artists might make money from their creations.

Social media platforms have employed a variety of NFT tactics while utilizing the distinctive characteristics of each platform. Twitter was one of the first businesses to get on the NFT bandwagon by allowing its paying customers to utilize digital objects as their avatars.

A restricted set of creators would be able to show NFTs in their Feeds, Stories, and Messages, Instagram stated in May. Last month, Facebook conducted its initial test of a similar set of features on a small number of American users. Reddit’s own NFT marketplace, where you can pay a set amount in fiat cash to buy digital avatars, just launched last week.

Given that the firm has already stated that it plans to use its SparkAR technology to bring them into the “real world,” Meta would be Snap’s main competition in the NFT market. Additionally, Stephane Kasriel, the head of fintech at Meta, stated the company’s goal in an interview with FT:

We want to build a market for digital collectibles that can be utilized in the metaverse.