- Reddit will roll out a new NFT marketplace.
- The social news aggregator is not new in the NFT space.
- Twitter has already implemented the concept of NFT profile pictures.
NFTs are Coming to Reddit
So, the NFT sphere has caught the eye of a social news cumulator this time. After Twitter, Facebook and Instagram, it’s time for Reddit to enter the NFT digital space which people are admiring. The newsgator made the announcement that they are taking their new NFT marketplace out of the box.
Usually, users are required to maintain a crypto-wallet where they can store and manage their digital assets. But cryptocurrency wallets are not mandatory in this marketplace. Folks can use their debit or credit cards to get their hands on the NFTs available on this platform.
NFT holders will not be restricted to use them on the news aggregator site. They can use them on their own accord after the purchase. There’s more, Avatar Builder feature will allow the users to customize their avatars, which includes background and other features. Make your avatar stand out from the crowd.
Competitors In The Space
This is not the only horse running in the NFT race. Twitter introduced this notion, in the form of profile pictures. Instagram and Facebook followed the trail and pre-launched the features recently, and now the social news channel is the latest to join this queue.
The social news platform will make use of its own blockchain wallet dubbed, Vault. Users can manage their NFTs here. This will also allow them to earn community points. Through them, they can acquire digital stuff like badges or emojis to be utilized on the Reddit platform.
A user must be a part of subreddit r/CollectibleAvatars to make the purchase. Those who are not a part of this community need to go through the marketplace to acquire the digital collectibles from the website. Cost of the non fungible tokens will vary from $9.99 to $99.99.
The platform has joined forces before with subreddits r/AdobeIllustrator, r/Comics and r/ProCreate for their initial collection. 50-50 profits were divided with Reddit. It is expected to have more features coming from the team in the near future, as the team is working and exploring continuously.
The fact that NFTs hold numerous use cases is still unknown to many. But those who know, know. For some, they are just pieces of images. Little did they know, it allows users to earn as well. NFT holders can sell their tokens on platforms such as OpenSea. Some NFTs also reward users by holding them.
Source: https://www.thecoinrepublic.com/2022/07/08/reddit-rolling-out-their-own-nft-platform/