Snapchat has the potential to become one of the latest social media companies to take part in the digital collection epidemic. According to a recent Financial Times report, social media companies could quickly test NFTRA filters with a small number of users.
For starters, AR stands for Augmented Reality. Snapchat has a unique feature called “Augmented Reality Lenses” or “AR Lenses”. This allows users to add real extensions and 3D effects to the story to make it more attractive. With the introduction of NFTs in the future, users will be able to add digital collections they create or purchase to their stories to make them even more appealing.
The report shows that Snapchat first tests the feature and adds the NFT to the story, then deploys it completely later. The test is scheduled to start in August and the number of users who can participate is limited. Artists can import non-fungible tokens created or created on other platforms into Snapchat as AR filters and use them to add amazing extensions to their stories and show off their creativity.
Is this Snapchat NFT feature available for free?
It’s a coincidence that the leak occurred a few days after the company announced Snapchat Plus, a premium version of Snapchat. You may be wondering if the NFTRA filter costs money to use like the SP. Fortunately, Snapchat doesn’t charge users to use NFT filters.
How do NFT creators benefit from Snapchat NFT filters?
According to statistics, Snapchat boasts about 332 million active users per day. The addition of NFT functionality will be a huge boost for digital avatar artists and sellers. These individuals can introduce digital collections to many people on the platform, some of whom offer business. Snapchat has the potential to benefit in the long run as more NFT vendors join the social media platform and take advantage of the enormous opportunities for buyers.
By the way, Snapchat is not the first social media company interested in NFTs. Twitter and Meta have also recently rolled out some NFT-related features over the past few months.
For example, in January of this year (2022), Twitter announces NFT profile picture For Twitter Blue subscribers only. This feature is very similar to the upcoming Snapchat NFT filter feature in that users can show off their NFTs in the same way as the latter. It allows users to set their profile picture to their own NFT by connecting a blockchain wallet and verifying the address.
Similarly Meta announced on Twitter Through Navdeep Singh, we announced that we have launched an NFT support feature that allows creators to view their work on the timeline. On June 30, 2022, the Metatechnical Program Manager shared a screenshot of his work on a social media platform. This is very similar to what Snapchat plans to test soon.
Snapchat will announce quarterly financial results on July 21st. We would like to see if the company will elaborate on this upcoming NFT support feature. We believe this is a great way for Snapchat to attract investors and increase their stock value. After all, when a company constantly comes up with great ideas for attracting customers and generating revenue, business people find it attractive.
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