Snap Inc., the developer of the multimedia messaging app Snapchat, announced new plans focused on We3 3.0.
The Los Angeles-based company decided to follow in the footsteps of Facebook, Instagram, Twitter and Reddit and is running tests with non-fungible tokens (NFTs).
More precisely, the company is exploring plans to allow users, particularly artists, to display NFTs as Augmented Reality (AR) filters on the platform.
NFTs on Snapchat
According to a report in the Financial Times, the company’s idea is to attract influencers and their fans. Sources told the portal that the tests, to be carried out by selected creators, are expected to start at the end of August.
Also according to the report, Snap has created a list of developers who use its platform to create fun AR filters for users. Filters, known as Lenses, can be superimposed on images of the physical world.
The creation or minting of NFTs by the developers will take place through a third-party service, outside the platform.
Then creators will be able to transfer these digital collectibles to Snap like Lenses. Then, the technology will guarantee the “credits” of the filter to its rightful creator.
There is, in principle, no intention of Snap to profit from the tool. That is, creators will not be charged for the service with NFTs.
However, a source said that the company is studying the possibility of establishing partnerships with third parties as a way to monetize the projects.
Social networks and NFTs
Even in its early stages, this initiative marks the first step of the Snap company in the NFT universe. Meanwhile, its rival Meta, creator of Facebook and Instagram, has been advancing on this front.
As reported by Cryptheory, at the end of June, Meta announced that it would begin its tests with NFTs in “Instagram Stories”, using its own augmented reality platform called SparkAR.
At the time, Meta CEO Mark Zuckerberg said, “We are expanding our testing so that more creators around the world can showcase their NFTs on Instagram.”
In addition, Meta also informed that creators and collectors will be able to share their digital assets via Facebook and Instagram, after the feature is launched to select people in the US.
Prior to that, in January of this year, Reddit began testing a feature to import NFTs to profile picture with verification.
“We are always exploring ways to provide value to users and communities on Reddit. We are currently testing the ability to use NFTs as profile pictures (avatars) and verify ownership,” said the spokesperson for reddit Tim Rathschmidt.
Reddit’s action followed in the footsteps of Twitter which, days earlier, had launched a similar feature.