Snap to integrate NFT as Augmented Reality into Snapchat

July 16, 2022

MCP News Free

Snap to integrate NFT as Augmented Reality into Snapchat

Starting by testing with a handful of creators next month, Snap seems to be planning to integrate NFT into the popular social App, Snapchat, according to a recent report by Financial Times.

In the features, Snapchat users will be able to transform their NFTs created and minted on another platforms and import them into Snapchat as Augmented Reality (AR) filters on the social media app.

As reported by Financial Times, Snapchat will not charge users who want to display their digital collectibles on the app, like other popular social media apps like Instagram, Snap is thinking of a way to let users monetize their works on their app.

NFT popularity and market trading have dropped significantly in recent times, probably due to traders getting scammed through the process. The popular NFT marketplace, Opensea, has seen a sharp drop in trading volume in 2022 compared to last year.

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Tech Companies Venturing into NFT

Even with the trading volume of NFT dropping recently, more tech companies are still venturing into NFT to engage their users and also, help users to monetize their digital collectibles.

As earlier reported by MyCryptoParadise, Facebook has commenced the testing of Ethereum and Polygon NFTs on some selected profiles in the US, which, after it has been established, users will be able to showcase and market their NFTs through their Facebook timelines.

In 2021, the popular microblogging platform, Twitter formed a coalition with Opensea, a partnership that eventually let users display their NFTs as their Twitter profile picture.

Reddit recently launched its NFT marketplace where people can buy avatars using fiat currency.

Instagram in May this year also announced that the social media app will soon support NFTs from Polygon, Flow, Solana, and Ethereum.

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