0x0 23 NFTs Go mainstream as Snap Joins the Craze

NFTs Go mainstream as Snap Joins the Craze

– Snap is exploring ways for creators to showcase NFTs on its platform, joining tech giants Meta, Reddit and Spotify in releasing NFT features amid a down cryptocurrency market.
– Snap has plans to test ways for creators to showcase NFTs beginning in late August.
– Snap’s new feature would allow users to create NFTs off-platform and showcase them on Snapchat as augmented reality filters.
– These companies NFT product launches come amid a crypto winter and reduced NFT sales, which totaled just over $1 billion in June, down from $12 billion in January.
– 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.
– The first known NFT was minted, or created, in 2014, but the NFT marketplace didnt take off until last year, when NFT sales brought in $25 billion.
– TikTok and Twitter were some of the first mainstream social media platforms to explore NFTs.
– Because NFTs are hosted on blockchain platforms that require extensive auditing, it takes a lot of energy to make them, which has resulted in widespread criticism of their negative environmental impact.

NFTs Go mainstream as Snap Joins the Craze
NFTs Go mainstream as Snap Joins the Craze 3

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