Reddit drops NFT avatars for its avid users
- Reddit is an online discussion platform based in America.
- The organization drops a series of non-fungible tokens.
- NFT is a token that persists on the blockchain that represents the ownership of the holder.
Reddit Airdropping NFTs
Reddit, a well-liked online discussion platform, is making prominent moves into blockchain technology. Recently, the company made an announcement that they will be releasing a Snoo-based series of NFT characters. But the twist came when they declared that they will offer a bunch of NFTs from the collection to the top users.
The recent announcement by a Reddit admin said that they will soon release an airdrop consisting of free NFTs to the platform users who have sufficient number of Karma points. Karma points show the amount of contributions made by the user on the platform.
The “Collectible Avatars” that Reddit uses as NFTs are created on Polygon, an Ethereum scaling system that makes transactions cheaper, faster and more energy efficient than on the Ethereum mainnet. Free characters in the styles of Aww Friends, Drip Squad, Meme Team and The Singularity are available on Reddit.
In addition to the free airdrop, Reddit also offers NFT avatars for sale on its own website. Depending on the option, they cost anywhere from $9.99 to $99.99 each.
An NFT is a blockchain token that denotes ownership of an asset, such as art, collectibles, video game merchandise, and images of avatar characters. An airdrop, on the other hand, is a method where tokens are distributed to specific cryptocurrency wallets, usually as a reward for using a specific protocol, owning an NFT, or meeting other predetermined conditions.
Interestingly, Reddit has refrained from using the term “NFT” in connection with the Collectible Avatars initiative so far, echoing similar strategies used by companies such as Coca-Cola and esports team 100 Thieves. NFTs can be controversial among some audiences and have come under fire for wild speculation, fraud, and the negative environmental effects of some networks (such as Ethereum).
Prior to this, Reddit had published a small number of Ethereum-based CryptoSnoo’s NFTs, and they had advertised them under the NFT moniker. In June 2021, only four NFTs in aggregate were launched in the project, one of which went for 175 ETH at auction, or more than $398,000 at the time. Later, in February, the NFT was resold for just 42 ETH, or around $117,000 at the time.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
