It is unclear how popular NFTs will be in the future, but Reddit has been experimenting with them for quite some time. Last year, Reddit tested a new feature allowing users to upload NFT avatars as profile pictures – something which Twitter and others have also recently begun to do.
Reddit has also partnered with Polygon, a Ethereum compatible blockchain, for its NFT storage. The wallet, Vault, is an Ethereum-compatible wallet that users can use on the native app to earn community points, which can be spent on special features.
87 different CryptoSnoos
CryptoSnoos are a collection of NFTs with the alien mascot Snoo reimagined as a variety of art styles. These NFTs are released in different stocks, from legendary to epic. Reddit also uses stickers to indicate the scarcity of these CryptoSnoos. As such, they are quite rare. However, the community is encouraged to collect them to increase their own CryptoSnoos’ value.
Aside from CryptoSnoos’ ethereum-based underlying technology, Reddit has already experimented with other NFTs. Last year, Reddit tested a new feature that allowed users to use NFTs as profile pictures. These images are hexagon-shaped, distinguishing them from the standard Twitter profile picture. To access the private NFT test, users can log in to the Reddit website and download the app.
Non-fungible tokens
To be more specific, non-fungible Reddit avatars are those sold in the Reddit avatar builder. These avatars are not fungible, so they cannot be traded for cash. They are only sold for standard fiat currency. As with other NFT products, they come with a license to use the avatar art.
It is not as broad as the NFT licenses issued by other platforms, but artists can expect royalties from secondary sales. Avatars will also come in different mints, so multiple Redditors can have one of the same avatar. As of now, Reddit has said it will release ninety different designs in the first phase, with “tens of thousands” to follow.
The new avatar marketplace will allow people to purchase blockchain-based avatars with a credit card. Users do not need a crypto wallet to purchase these avatars; they can pay with their credit card or use a Reddit wallet. There will be 90 designs to choose from during the early access period. For those thinking about purchasing an avatar for a special occasion, a Reddit wallet can be used to store it.
Fixed price
In an early access phase, Reddit is introducing a new marketplace for NFT avatars. This marketplace allows users to purchase blockchain-based profile pictures without the need for a cryptocurrency wallet. Instead, users can use a credit card or debit card and store the funds in their Reddit Wallet. Reddit estimates that it will sell thousands of NFTs.
While limited edition NFT avatars are not as widespread as the Bored Ape Yacht Club, they can be used as avatars. These avatars will be stored in the Reddit “Vault” on a blockchain-based virtual wallet.
Owners of NFT avatars will be able to use them as their profile image. The first phase of the avatar sales will only be available to members of the closed Reddit community. In subsequent phases, avatar sales will be open to everyone.
Limited availability
Reddit has introduced a new marketplace for its blockchain-based avatars, the “Reddit NFT marketplace.” These collectible profile images will be available for purchase through the platform. Users will not need to own a cryptocurrency wallet to purchase the avatars. They can simply use a credit card and store them in their Reddit wallet. During the early access period, Reddit plans to release ninety different designs.
Final thoughts
Users can purchase limited-edition NFT avatars to use as avatars on Reddit and the rest of the internet. The NFT image is also customizable using an avatar maker. Users can combine multiple types of clothing and make their avatars stand out. A glow effect appears next to the avatar image when it is viewed next to comments. Social proof, in the form of profile pictures, continues to be a strong use case for NFTs.
Jay Speakman is a technology writer based in San Francisco, California. He writes on the topics of blockchain, cryptocurrency, DeFi and other disruptive technologies. Clients include Avalanche, Be[in]Crypto, Trust Machines and several blogs devoted to blockchain gaming. He will not rest until fiat currency is defeated.
