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Snapchat’s New Feature Could Be Huge For Collectibles (NFTs) And The Blockchain Industry

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Snapchat is now hard at work on functionality that will allow users & artists to showcase their digital treasures, such as NFTs. Tech Crunch cited an article from the Financial Times in its report that said that beginning in the month of August, Snapchat would begin testing the functionality of the feature. Users are basically granted the ability to transform NFTs into Snapchat Lenses via the use of this functionality.

The firm will collaborate with a select group of content developers and provide them permission to produce NFTs, mint those on some other platform, and then convert those NFTs into Snapchat Lenses. In addition, the article states that the picture and video sharing network Snapchat does not intend to implement a payment system for its users in order to facilitate the display of their virtual collectibles on the network.

In addition to this, Snapchat is investigating several methods through which artists and producers may earn money from their digital collections. Despite this, the procedure and the stages that are engaged in the procedure are not available at this time. In the past, we have seen social media networks like Twitter, Facebook, and Instagram implement compatibility for NFTs such that consumers of such platforms may exhibit their digital possessions on those platforms. As Snapchat continues its testing and collects the necessary user input, further information on the product should become available in the following days.

In similar news, the premium version of Snapchat has at long last been made available in a number of places across the globe. It goes by the name Snapchat+ and provides users with access to a number of features that are only available to them.