Reddit announced the launch of an NFT marketplace where users can buy NFTs for profile pictures at a fixed rate. This is coming at a time when the crypto market is experiencing a downward trend.
The marketplace allows collectors to purchase polygon-based NFTs with credit and debit cards and stored them using the Reddit wallet – Vault.
Reddit is launching 90 different designs for the first phase of the release with the total number of the NFTs going for sale in its early access phase being tens of thousands. But that’s not all, any holder that gets one of the limited editions of the avatar-NFTs is granted a license to use the NFT in the platform and outside the platform.
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Reddit and the Crypto Industry
While Reddit is launching the marketplace on Polygon, this is not the first time the social media brand delves into NFTs. Last year, Reddit released CryptoSnoos, a limited-edition NFT linked with mascot Snoos.
The social network company plans on integrating CryptoSnoos to the platform so that it can “provide a glow animation to user avatars, and the NFT card will replace profile avatars”. The NFT was launched on the Ethereum blockchain.
The company believes that there is more they can do with the blockchain as the NFT profile pictures are an early-stage project. “In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit,” a statement by the company reads.
For today, these NFT avatars can only be accessed by members of the r/CollectibleAvatars invite-only subreddit community. And in the coming weeks, everyone will be able to access the avatar NFTs via the builder page.
Reddit joins the list of companies that have dipped their toes into NFTs. Nike acquired RTFKT studio, eBay acquired NFT marketplace, KnownOrigin recently. McDonald’s, Burger Kings, Budweiser, Twitter, Instagram, and Facebook are some of the companies that have come aboard the NFT economy.
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