Is Snapchat getting into NFTs?

 

After Twitter and Meta, is Snapchat getting into NFTs? NFTs are non-fungible tokens. Concretely, it is a digital object, most often an image or a GIF. The characteristics of this object are stored in the form of a token (or token) which is recorded on the blockchain. 

Therefore, an NFT is a unique and authenticated object. NFTs are finding more and more applications these days. Social networks are for example very fond of NFT. Let's find out with the recent Snapchat example.

Augmented reality NFTs on Snapchat?

The indiscretion comes from the Financial Times. The Snapchat social network is seriously considering using NFTs! The idea would even be to pave the way for NFTs by the end of August. But in fact, how?

Snapchat's idea would be to give its users the possibility of using an NFT in the form of an augmented reality (AR) filter. Snapchat, therefore, intends to be innovative. 

Unlike other social networks, Snapchat does not introduce NFTs on profile pictures. On the other hand, users will be able to convert their NFT into a filter and use them in their snaps (images).

Let's take a concrete example. Let's say you own an NFT from the Bored Ape or CryptoPunks collection. With this new feature, you can put your NFT as a background or watermark on your snap.

Social networks, an ideal playground for NFTs and crypto

Snapchat is not the first social network to take a close interest in NFTs. In fact, it's even rather one of the last! Before him, Twitter, Instagram, Meta, or even Reddit got into it. 

For example, Reddit has unveiled its intention to launch its own NFT platform altogether. At the end of June 2022, the giant Meta launched a "Facebook wall" on which users can publish and share their NFT.

 
The integration of NFT within social networks will make it possible to increase its field of application even more. Indeed, NFTs are the antechamber of the metaverse, another area that is exploding. 

Also, it is reasonable to imagine in the short term the entry into the metaverse of most social networks. As for “Facebook fire”, it's even certain since it's more than an evocative name change… Meta.

In times of crisis for crypto, this is good news. Indeed, the NFT market is suffering the full force of the crypto bear market. So, based on data from cryptoslam, NFT sales are down nearly 40% in the past 30 days. 

But with social networks getting into it, NFTs have a bright future ahead of them!