Snap is exploring new ways to let artists show off their digital collectibles, allowing a limited set of users to import their NFTs to Snapchat Stories as AR Lenses this August.
The company will not be charging users for this feature. Instead, the company is hoping to establish partnership deals with third parties that would help creators monetize their work and earn a living directly off the platform.
Although it experienced a surge during the pandemic, the company has since dropped in shares, which plummeted 43 percent, leading to slower hiring and a cut in revenue. Earlier in June, Snap launched its paid version, Snapchat+, for $3.99 a month, promising a unique experience to “some of the most passionate members of our community.”
This move is the latest in a series of NFT applications by the biggest social media platforms on the market. Twitter was the first to introduce NFT profile pictures to Twitter Blue subscribers, followed by Facebook parent Meta and Instagram, which started experimenting with NFTs in May.
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