Snapchat Soon To Allow Users To Apply NFTs As Filters

Although the crypto market is in the midst of a deep correction, and NFT sale volumes are 92 percent below what they were in January, that isn’t stopping social media companies from dabbling with digital art.

Snapchat is the latest in a long list of social media companies incorporating NFTs into their platform. However, unlike other platforms, Snapchat is testing out ways for creators to show off their NFTs as a filter on the platform, as reported by The Financial Times.

The feature is currently in development, with release estimates pointing to August. At first, the new feature will be enabled only for certain creators, before being widely rolled out for all users.

Creators would be able to convert their non-fungible tokens into augmented reality filters against real-world backdrops. Snapchat doesn’t intend to charge its users for the feature, and instead, it wants to establish partnership deals with third parties to help creators monetize by displaying their NFTs, as reported by TechCrunch.

This comes soon after Reddit announced that it is launching limited-edition, Blockchain-backed avatars to the platform.

The NFT sector has become more important since it became a $40 billion business around the world last year. Some financial experts say that this business has been used for speculation in the retail market. People say that the excitement has died down, which has caused the price of NFTs to plummet. Snap’s current goal is the same as that of many other social media companies: to make sure that their users can make a living on their platform. Some platforms have started rewarding the best content and giving some influencers a cut of the money they make from ads.

Snap, for instance, doesn’t plan to charge creators to show NFTs. Instead, they are looking for ways to work with other businesses to help designers sell their work.

Meta Platforms Inc. (NASDAQ: META) recently said that it wants to give its 3 billion users access to digital collectibles to get more companies to use its app. The company’s head of fintech, Stefan Casarial, said this. He also said that they want to build the Metaverse, which is a place online where avatars live. In this case, users would use NFT to create and trade digital products and services.