Snap, the parent company of social media network Snapchat, is planning to integrate non-fungible tokens onto its platform. According to a report from Financial Times, Snapchat will allow creators to use NFTs as augmented reality lenses. Here is everything we know as of this date.
- The AR lens feature will permit creators to place NFTs on top of their stories or messages
- Snapchat will not charge creators for this feature
- There will be an initial trial period when a select group of creators can use the feature
- The feature will begin its rollout as soon as the end of August
As TechCrunch noted, Snap’s integration of NFTs onto its social media platform comes as a quarterly earning report looms near on July 27th. Snap may be looking to convince investors that it is exploring other options for revenue at this point.
And the move doesn’t seem like a particular gamble either. While NFTs have slumped in total sales amid a larger rout of cryptocurrency prices, the nascent technology still draws interest, as other social giants have attempted or fully integrated NFTs into their offerings for users.
The NFT integration may fold in well with other creator monetization efforts on Snapchat, where there are frequent cash prizes for top posts. The social media platform also shares revenue with creators for whom it advertises posts.
Social Media Giants Attempt to Integrate NFTs
Although Snap’s NFT integration is undoubtedly interesting, it is far from the only social media giant aiming to include the nascent technology on its platform. Here are three examples Rarity Sniper has covered of social media platforms integrating NFTs.
First, there is Meta. The company, formerly known as Facebook, has made it no secret that it wishes to include NFTs on its social media platforms. It has already rolled out a pilot platform on Instagram and plans to allow Facebook creators to use NFTs soon.
Then there is Twitter. It was the first social media platform to integrate NFTs. The company did so through Twitter Blue, its subscription service, where users could set NFTs as their profile pictures, all with a unique hexagonal shape.
And finally, there is Reddit. The company, like Meta, made its NFT integration aims public early on. Now, it seems, they’ve come to fruition. Reddit has allowed users to verify NFTs as profile pictures on its platform and has set up an NFT market.
While Snap’s NFT integration is news, it certainly isn’t surprising. And it shows just how valuable NFTs may be for social media creators in the future, considering that almost all social media platforms are diving in.