Snap is considering a plan to let its members use the app to showcase non-fungible tokens (NFTs), joining the ranks of other social media companies using digital collectibles to woo influencers to their platforms.
Snap is readying a test feature that would let NFT artists showcase their designs on Snapchat as augmented reality (AR) filters, the Financial Times reported Wednesday (July 13), citing unnamed sources.
The test is being run with a handful of creators and is due to begin at the end of next month, according to the report. Snap has developers who use the platform to design AR filters known as Lenses, which can be laid over real-life images.
Developers will be able to create NFTs using a third-party service separate from Snap and then move them to Snap as Lenses, the report stated. The technology would make sure the filters are attributed to the correct creator.
Snap has no plans to charge creators showcasing their NFTs, although the company is looking at collaborating with third parties that could help creators monetize their work, according to the report.
The news comes a week after reports that Meta was hoping to attract a younger demographic to Facebook by giving NFT creators more ways to monetize their art.
Read more: Attracting New Users at Root of Facebook’s NFT Ambition
Although the price of NFTs — and cryptocurrencies overall — have plunged, Meta Head of Commerce and Financial Technologies Stephane Kasriel said the company will not alter its NFT plans.
He said Meta wants to give Facebook’s 3 billion members and users of the company’s other apps the ability to accumulate digital collectibles.
Facebook also announced earlier this month the launch of an NFT program with Ethereum and Polygon for some U.S. creators. The program lets select Facebook creators connect their cryptocurrency wallets to their profiles and turn NFTs into Facebook posts.
See more: Facebook Pilots Ethereum, Polygon NFTs With Select Creators
For all PYMNTS crypto coverage, subscribe to the daily Crypto Newsletter.