By Shelly Melancon (Switzerland)
On July 7th, Reddit announced it wants to launch an NFT marketplace for avatars. The marketplace will allow users to purchase blockchain-based profile images for a certain price.
Reddit Gives Owners Of NFTs License
According to the social news network, anyone may buy these NFTs without a crypto wallet. As a result, a debit or credit card would be adequate. Also, the NFTs can be saved using the wallet that Reddit provides.
The report noted that lots of NFTs would be made available for sale. Also, Reddit said it would unveil 90 distinct designs for the NFTs.
Meanwhile, it is worth noting that the NFTs would have a limited edition. Users that purchase them would be given the license to use them as an avatar. Moreover, they can use it anywhere on the Internet and not just on Reddit.
However, these privileges are nothing compared to those with an NFT from Yuga Lab’s Bored Ape Yacht Club collection. These owners can produce merchandise and television programs according to their NFT.
Furthermore, Reddit users can mix and match other items of clothing. Meanwhile, they must be available in the avatar creator.
Also read:This would allow them to alter the way their avatar looks. In groups, their avatar will also appear next to their remarks with a “glow-like effect.”
Reddit Contributes To The Expansion Of Crypto
Reddit has worked with NFTs before, so the platform is not new to the industry. Earlier in 2022, the company began testing blockchain technology.
This technology would allow users to use any ETH-based NFT as their profile photo. This happened not long after Twitter unveiled a very similar feature. However, only premium users with an iPhone can access the service.
Also, Reddit has partnered with Polygon, an ETH-compatible blockchain. The purpose is to generate these avatars or characters on the blockchain.
Meanwhile, users may manage and store these NFTs with Reddit’s blockchain wallet, dubbed Vault. Users can access the Vault wallet through the industry’s native app.
Finally, it’s important to note the cryptocurrency industry’s expansion is due to some factors. One is the continuous media coverage and thriving community on various social platforms.
An example is Reddit’s Subreddits channel. This online community is run by enthusiasts and experts who have helped shape the sector today.
Furthermore, there are other crypto communities on various social media platforms like Twitter. These members are helping to highlight the benefits of the sector to others.
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