Reddit launches the NFT marketplace for unique collectibles
On July 7, Reddit announced the introduction of a new NFT-based avatar marketplace that allows users to purchase blockchain-based profile pictures at a predetermined price.
The site for social news aggregation, content rating and discussion revealed that you do not need a cryptocurrency wallet to buy them; Therefore, it should be sufficient to use the credit or debit card, and you can use the wallet product that Reddit offers to store them.
In addition, the social networking platform has said it will launch 90 unique designs, with a total of “tens of thousands” of non-fungible tokens (NFTs) being made available for purchase during this early access period.
Reddit NFTs give owners licensing rights
The company said that if you buy one of their limited NFTs, you will get the license rights to use it as an avatar, not only on Reddit, but also everywhere on the internet.
However, these rights are not as extensive as those that come with the ownership of an NFT from the Yuga Labs’ Bored Monkey Yacht Club collection that gives the proprietor the opportunity to create goods and TV shows based on the boring monkey they have purchased.
In addition to this, you can customize the look of your avatar by combining other clothes available in the avatar builder. In addition, your avatar will have a “glowing effect” next to your comments in the community in which you participate.
This is not Reddit’s first dance with NFTs
This is not the first time Reddit has processed NFTs. At the beginning of the year, the company began testing functionality that would enable you to set all Ethereum-based NFTs as a profile picture. This came just a few weeks after Twitter introduced a feature that was quite similar.
To shape these avatars on the blockchain, Reddit has also partnered with Polygon, an Ethereum-compatible blockchain. As mentioned, users can store and manage these NFTs using Reddit’s own blockchain wallet, called Vault and found in the company’s native app.
Finally, it is worth mentioning that part of the crypto – room’s growth over the last ten years or so has been thanks to ongoing news and developments as well as a vibrant community on crypto community platforms such as Reddits Subreddits controlled by enthusiasts and specialists who have helped define the industry as it exists today.
