Snapchat is Set to Integrate NFTs as Part of Its Lenses Feature
Niko Pajkovic — July 13, 2022 — Tech
References: snapchat & coinspeaker
Social media giant Snap Inc. is currently reviewing plans to implement NFT displays on its popular app, Snapchat. According to recent reports, the in-development feature would allow NFT creators to upload their designs as Lenses (i.e., augmented reality filters) on the app.
To start, the new feature would be run for a select group of creators and is rumored to launch in late August. Using the Lenses feature, these NFT artists will be able to transfer their digital collectibles to the app, allowing users to overlay them onto their environments via the app's built-in AR-enabled tech.
Considering Snapchat is an image-focused platform, it seems it was only a matter of time before the company joined the NFT bandwagon. This is especially true when noting that the NFT market has become a $40 billion industry.
Image Credit: Snapchat
To start, the new feature would be run for a select group of creators and is rumored to launch in late August. Using the Lenses feature, these NFT artists will be able to transfer their digital collectibles to the app, allowing users to overlay them onto their environments via the app's built-in AR-enabled tech.
Considering Snapchat is an image-focused platform, it seems it was only a matter of time before the company joined the NFT bandwagon. This is especially true when noting that the NFT market has become a $40 billion industry.
Image Credit: Snapchat
Trend Themes
1. Integration of Nfts in Social Media - Snapchat's plan to allow NFT creators to upload their designs as Lenses presents an opportunity for social media platforms to integrate NFTs as a feature and capitalize on this growing market.
2. Ar-enabled Digital Collectibles - Snapchat's use of AR technology to overlay NFT designs onto user environments presents an opportunity for other industries, such as interior design or fashion, to consider using AR-enabled digital collectibles as a way to showcase their products in a dynamic way.
3. Nfts and Brand Collaborations - Snapchat's integration of NFT displays presents an opportunity for brands to collaborate with NFT artists to create unique, limited edition designs exclusive to their brand, to promote their products or services in a new and innovative way.
Industry Implications
1. Social Media - Social media platforms, such as Instagram and TikTok, could consider integrating NFTs as a feature to capitalize on this emerging market of digital collectibles.
2. AR Technology - Industries that heavily rely on visual representation, such as interior design or fashion, could explore the use of AR-enabled digital collectibles to showcase their products in a more dynamic and interactive way.
3. Branding and Marketing - Brands in various industries could collaborate with NFT artists to create unique, limited edition designs exclusive to their brand, to promote their products or services in a new and innovative way.
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