The slewing crypto market is not stopping tech companies to enter the promising world of non-fungible-tokens (NFTs). In the latest development, Snapchat is reportedly testing out new ways to introduce digital collectibles for artists.
According to TechCrunch, the social media platform is exploring ways to let artists show off their digital collectibles as AR filters on Snapchat. It should be noted that the company will not be charging creators to use this feature. The platform is hoping to establish partnership deals with third parties that would help the creators monetize off of displaying their NFTs on Snap.
The company is set to experiment with a limited set of creators in August, as per a report by the Financial Times. Artists will be able to mint NFTs and then add it to their Snap Lenses.
Meanwhile, Snap has launched a paid version of the widely used social media platform offering “exclusive” and “experimental” features. For $3.99 a month, the subscription, called Snapchat+ will offer a unique experience to “some of the most passionate members of our community,” the company said in a statement on Wednesday. The company didn’t offer other details about the plan.
Snapchat, which benefitted from a surge in usage during the pandemic, has since had a tumultuous few months. In May, the company cut its revenue and profit forecasts and said it would slow hiring, sending its shares plummeting 43 per cent. The Santa Monica, California-based company began testing a subscription service earlier in June.
Meanwhile last year, Twitter was the first to introduce NFT profile pictures. Meta-owned Facebook and Instagram also began experimenting with NFTs in May when they allowed a group of users to share NFTs they’ve created or bought on their profiles for free.
In other news, Snapchat is testing a new feature for creators where it will allow replies to its ‘Spotlight videos’. Spotlight is Snap’s answer to TikTok videos and Instagram’s Reels aka the short video format. The company states that is one of the top-requested features from users. Snaps says the feature will help creators on the platform build their community as well.