on Wednesday, joining tech giants Meta, Reddit and Spotify in releasing NFT features amid a down cryptocurrency market.Key Facts
Snap’s new feature would allow users to create NFTs off-platform and showcase them on Snapchat as augmented reality filters, which the platform’s been known for since 2015. But it’s not happening yet, as Snap plans to test the feature with a few content creators beginning in late August, according to the Financial Times.announced a marketplace for NFT avatars on July 7, Facebook launched NFT integrations on June 30, and Instagram and Spotify did similarly in May., which totaled just over $1 billion in June, down from $12 billion in January.
And it’s all happening against a broader tech downturn, due in part to reduced profit forecasts—Snap’s stock price, for example, fell from $46 per share in January to under $15 now.“If social networks ever got the memo about crypto’s decline, they have so far refused to acknowledge it,” Casey Newton wrote last week in his tech newsletter
. “Whether out of optimism about the future or in recognition of the considerable sunken costs involved, the companies’ NFT product roadmaps appear to be largely intact.”NFTs, or non-fungible tokens, grant ownership of a unique digital object. They are entries on a blockchain, the decentralized digital ledger technology on which cryptocurrencies like bitcoin are based.
_pheebini Goofy ass post.
_pheebini cool that means i can stop supporting snapchat.
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