Reddit launches NFT marketplace compatible with Ethereum

On the social media side, Reddit has launched a non-fungible token (NFT) marketplace, especially for profile pictures and avatars. TechCrunch Report on July 7

According to the report, the company will release 90 NFT avatars for fixed prices of $ 9.99, $ 24.99, $ 49.99, $ 74.99 and $ 99.99.

Users of social media sites can use their credit or debit cards to buy NFTs and store them in Reddit Vault, so they don’t need a cryptocurrency wallet to buy NFTs.

Reddit users use Vault to save community points and purchase app features.

Purchasing one of the limited edition NFTs gives the owner the right to use it as a profile picture across the social media platform.

On the other hand, the user Avatar builder You can customize the look of your avatar with the available merchandise. The avatar also shines next to the comments of the person using it.

The avatar collection is created with Polygon (Matic), a layer 2 blockchain. Therefore, they are compatible with Ethereum (ETH).

This isn’t the first time Reddit has integrated NFTs into its products. Earlier this year, the company tested profile photo NFTs after Twitter released a similar feature.

Last year, we also released CryptoSnoos, a limited-edition NFT collection inspired by the mascot Snoo.

For now, avatars are only available to members of the invitation-only subreddit r / Collectible Avatars. This group first sees the NFT and gets a behind-the-scenes scoop.

However, other non-community users can purchase NFTs later when they become available on the Avatar Builder page.

Meanwhile, Reddit shares royalties from secondary sales of NFT 50/50 with the artists involved in the project. Some artists are part of the Reddit community, such as r / Adob eIllustrator, r / Comics, and r / ProCreate.

Reddit said this was an early stage project as intended.

To bring more empowerment and independence to the Reddit community. Reddit has always been a model of what decentralization looks like online.