In the rush towards a mixed reality future, geofilter real estate is big business for advertisers and social networks.
Snap has reportedly acquired the geofilter patent belonging to Instagram competitor Mobli for $7.7m.
In its recent S-1 filing, Snap, which owns the popular Snapchat social network, revealed that $360m of its $400m revenues come from geofilters.
Geofilters are photo filters based on location that can be bought by advertisers.
Mobli, the company that was co-founded by serial entrepreneur Moshe Hogeg, patented the idea of geofilters in 2012.
In swift defensive move, Snap secures its future
According to TechCrunch, Hogeg sold the patent for Mobli to Snap for $7.7m earlier this month.
This is believed to be the highest amount paid for a patent from the Israeli tech industry.
The patent – US#20160373805, US#9459778 – describes methods and systems of providing visual content-editing functions.
It is understood that it was also offered to Facebook.
Had Facebook gotten its hands on the patent, it could have potentially spelled the demise of Snapchat.
Pretty snappy move, Snap.