Snapchat is the latest tech company rumored to be working to incorporate NFTs into the system. According to reports, the social media company is working to introduce new features that will allow digital artists to show off their NFTs on the platform.
What’s Really Happening?
TechCrunch was the first outlet to break the news. According to the website, Snapchat is working on introducing AR filters that will allow creators to show off their digital collectibles.
Not much is known about this new offering at this stage, however, reports suggest that Snapchat is not planning to charge creators for this feature and they will be able to benefit from it for free. The platform, however, is working to form partnership deals with third parties, such as NFT marketplaces, so creators can have the option to monetize this feature.
Snapchat is yet to provide more details, however, a report from Financial Times talked about the company’s plans to test the feature in August with a limited number of creators. Artists will have the option to mint NFTs and then add their desired digital art to their Snap Lenses for people to see.
Introducing New Changes
This will be a major step for the company that was recently in the news for launching a paid version of the app that comes with some unique and exclusive features. The paid version, called Snapchat+, is available for only $3.99 a month and is designed to enhance the experience.
The paid version is made to “offer a unique experience to some of the most passionate members of our community,” said the company. Experts hope that this will turn the company’s fortune as it has been struggling for a while and recently lost about 25 percent of its value after reporting poor second-quarter numbers.
The company was doing great during the pandemic as it attracted a large number of young users and new advertisers, however, it hasn’t been able to maintain the run. According to the latest figures, Snapchat expects to lose more users and is planning to slow hiring. The stock is currently trading at around $12 after hitting a high of $83 in September 2021.
Experts believe that the Santa Monica-based company will face tougher times ahead and changes like the introduction of NFTs can help bring it back on the right track. It isn’t, however, the first social media company to show interest in NFTs. Facebook is going big with the metaverse and Twitter took to NFTs last year.