Snapchat by Snap Inc. is taking the NFT initiative by enabling artists and collectors to showcase their digital collectables as AR filters. According to a Financial Times report, the corporation intends to launch this trial in August with a select group of producers.
The company will use a separate platform where artists will mint their NFTs and then import them to Snapchat Lenses to become AR filters. Snapchat already has this import feature that enables artists to create AR filters independently. Still, with the non-fungible token feature, the collectors can utilize it as AR filters instead of just keeping them in their wallets.
Like Twitter, Instagram, and Facebook, Snap will not charge creators for showing their NFTs. Instead, the company is considering how artists themselves can make money from their creations.
Meta would be Snap’s main competition in the crypto market because the company has already announced its plans to use its own SparkAR technology to bring AR effects into the “real world”. In addition, Stephane Kasriel, the head of fintech at Meta, stated the company’s goal in one interview:
We want to build a market for digital collectibles that can be utilized in the metaverse.Stephane Kasriel, the head of fintech at Meta
The concept of digital ownership is quite exciting because digital artists can finally sell their artwork without the fear of being plagiarized or used inappropriately. Conveniently, this would help Snap strengthen its message to investors that it is working on additional revenue-generating ideas to complement or offset any ups and downs it may experience in the advertising market.