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NFT News: Snapchat starts pilot project for 3D NFTs

 


Despite the current crypto winter , more and more companies are working on NFT features while NFTs are still trading for astronomically high prices.


Following Meta , Reddit , Instagram and Twitter , the social media platform Snapchat is now also developing popular NFT features. However, Snapchat also wants to use NFTs for augmented reality (AR) technologies compared to the other platforms. According to a report by the Financial Times news magazine, development teams from the social media giant are already working on the first pilot project.


NFTs and Augmented Reality

Compared to “virtual reality”, augmented reality is about the merging of analogue reality with the digital world . For example, if you put on VR glasses, you can use them to look into an artificially created, virtual reality. With AR glasses , on the other hand, you can perceive the real world with additional digital content.


In the future, users of the platform will not only be able to manage their digital collectibles using NFTs. Snapchat also wants to use NFT technology for the popular "lenses" (AR filters) that allow digital content to be overlaid on photos and videos. This could make Snapchat the first company to offer 3D NFTs.


In addition, it should also be possible to mine NFTs with the help of a third party before you can use them on Snapchat. At the time the article was published, however, it was not yet known which blockchain would be used for the new features.

According to insiders, Snapchat will start the first pilot project at the end of August 2022 together with some creative people. The company reportedly has no plans to monetize the NFTs on the platform itself. However, the platform wants to partner with other creatives and businesses to generate income streams. In addition, the NFT technology should help the creators to protect the copyrights for their works.

As the crypto and NFT market continues to be in the red, it's not just digital companies that are investing in NFTs. An investor recently spent a fortune on a rare Cryptopunk collection NFT.


Wal buys Cryptopunk for $2.6 million

The NFT whale alias “Zoomc” decided to spend 2500 ETH ($2.6 million) on cryptopunk #4,464, according to the CryptoPunks bot. Zoomc already owns 24 Cryptopunks. There are a total of 10,000 different NFTs in the collection.

The Cryptopunks are one of the most popular NFT collections on the market. Some of the NFTs have already traded for millions of dollars. In February 2022, the seller of an alien punk NFT fetched a sale value of US$23 million . The sale of #4,464 is the fourth most expensive NFT sale in crypto-punk history at 2500 ETH . Calculated in US dollars, this sale ranks fifteenth.

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