The most recent step involves Snapchat looking into how to enable artists to display their non-fungible tokens (NFT) as AR filters on Snapchat.
According to a Financial Times report, the corporation intends to launch this trial in August with a select group of producers. Artists will be able to produce and mint NFTs in this test on a different platform, then import them into Snapchat as Lenses.
According to the FT, Snap, like Twitter, Instagram, and Facebook, doesn't intend to charge creators to display their digital artifacts. Instead, it involves considering how such artists might make money from their creations.
Social media networks have used several strategies for NFTs, utilizing the unique dynamics of each platform.
One of the first companies to get on the NFT bandwagon was Twitter, which gave its paying users the option to utilize digital items as their avatars.
Instagram said in May that it would permit a select group of producers to display NFTs in their Feeds, Stories, and Messages. A comparable set of features were first tested by Facebook for a small group of American users last month.
Reddit's own NFT marketplace, where you can purchase digital avatars for a set price using fiat currency, just started last week.
Given that the firm has already stated that it plans to use its own SparkAR technology to bring them into the "real world," Meta would be Snap's main competition in the NFT market.
Additionally, Stephane Kasriel, the head of fintech at Meta, stated the company's goal in an interview with FT: "We want to build a market for digital collectibles that can be utilized in the metaverse."
The NFT test leak appears to be a part of a mini-product sprint at Snap because it occurred just a few days after Snapchat Plus, its premium subscription service, was introduced.
When the company releases its financial results for the most recent quarter on July 21, one thing to pay attention for is any additional information on either of these fronts.
Conveniently, this would help Snap strengthen its message to investors that it is working on additional revenue-generating ideas to complement or offset any ups and downs it may experience in the advertising market.