Source: The Coin Republic
Reports this weeks suggest how social media platform Snapchat is working on latest ways to come up with digital collectibles for artists. Clearly, the pivoting crypto sector is looking for more and more ways to make tech companies join the upcoming world of non-fungible tokens-NFT.
As specified by the reports, Snapchat Inc is looking into ways to enable artists to show the world their digital collectibles as AR filters on the platforms. Moreover, the social media giant is set to not charge these creators for making use of this feature. Reportedly, the company is looking forward to the establishment of collaboration deals with parties which would aid the creators in monetising off of their display of the NFTs on the platform.
Moreover, a report notes how the social media giant is planning to conduct an experiment with a particular number of creators next month. According to it, the artists would have ability to mint NFTs, and hence add it to their Snap Lenses. On Wednesday, July 13, Snapchat gave a statement regarding its launch of a paid version.
Snap Inc came up with a paid option for the popular social media site with the provision of features that are more ‘exclusive and experimental.’ The new version, referred to as ‘Snapchat +’ would be available for $3.99 a month. In its statement, the company specified how this subscription would provide a new experience to the member who are the ‘most passionate’ about its ‘community.’ As of now, Snapchat has not provided any further details regarding the development.
“some of the most passionate members of our community,”
Despite gaining a rise in its usage during the Covid-19 pandemic, Snapchat faced a rather thunderous range of months. A couple of months ago, the social media giant cut the profit and revenue forecasts, stating that it would counter hiring, resulting in its share dropping to 43%. The company, based in Santa Monica, California initiated the testing of its subscription service a year ago.
On the other hand, Twitter was the first on in 2021 to come up with NFT profile pictures. In May 2021, Instagram and Facebook, owned by Meta Platforms Inc also started the experiment with NFTs. This was when they permitted a team of users to share NFTs they had made or purchased on their profiles for free.
In addition, Snapchat is conducting a test of a new feature that would enable users to reply to the ‘Spotlight videos.’ These are the short-form videos inspired from the videos on TikTok, similar to Reels on Meta’s Instagram and Facebook.
