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Since Non-Fungible Tokens (NFTs) took the world by storm in 2021, people and businesses have seen it as a necessary technology. Earlier this year, the popular social media platform, reddit, It’s the latest entry in a long list of companies making inroads into NFT. However, the company does so with a lot of trepidation, so find out a little more in this Reddit NFT’s guide.
Reddit is known for many things, but not many people know that the social media platform has its own digital collection.
In July 2022, Reddit announced new collectible projects in partnership with independent digital artists on its platform and elsewhere. However, the company launched the product without calling it an NFT. Nevertheless, collectibles worked like NFTs in that they were tradable across multiple platforms and stored on the blockchain.
Before we go any further, let’s touch on the basics of NFTs. NFTs are tokens stored on the blockchain that represent ownership of assets. Time has shown that anything can become a tokenized asset: photos, audios, videos, even tweets. The most important factor is being able to own such assets.
These various assets can be turned into NFTs, but PFPs and artwork are the most successful in terms of sales and popularity.
Reddit’s CryptoSnoo NFT is a digital collection modeled after the platform’s mascot, Snoo. The collection consists of limited edition avatars that can be used as his PFP on the platform. As mentioned earlier, Reddit relied on the community to create the images, working with Reddit creators and independent digital artists to create the artwork behind the avatars.
CryptoSnoos covers all major aspects of NFTs, except the name. As such, Reddit refuses to call them NFTs and instead calls them digital collectibles, making them easier to understand as a result. As NFT technology grows in popularity, so does the negative sentiment surrounding it. The main reason for this is the large number of scams related to NFTs and the widespread mistrust of the new.
However, CryptoSnoos improves the collectible experience in terms of usability and cost. Collectibles have a low barrier to entry as users can get them for as low as $10.Similarly, Reddit has created his Vault wallet where they can be stored and transferred elsewhere.
The underlying technology that powers collectibles remains blockchain, in this case Polygon. Polygon is a Layer 2 network that helps users navigate many issues related to Ethereum, his second largest blockchain in the world.
NFT has been a phenomenal success since its launch. At one point, four collections entered his top 10 NFTs by OpenSea 24-hour trading volume. CryptoPunk, in particular, became number one in trading volume.
Many factors are involved in this. Reddit as a social platform is one of the first to take a brusque stance on cryptocurrencies. So for many users it was just a matter of time. Also, the platform boasts over 500 million users of his. This huge number of users, combined with low barriers to entry, helped collectibles rise to fame in a short period of time.
The social platform now boasts over 3 million users, making it the marketplace with the most users. By comparison, that figure beats NFT trading giant Opensea. But for many people, concerns persist over the overall trading volume and whether NFTs are actually worth buying.
When it comes to NFTs, it’s important to do your own research. For Reddit NFTs, we offer owners a form of digital flex, especially on the platform. It reflects the fact that the world is becoming more and more digital and as a result people are prioritizing their digital identity.
Using these avatars on the platform is like adorning your hands with jewelry and wearing nice clothes. Whether these NFTs will be the next big thing remains to be seen. However, due to the low price, it’s okay to have one in your wallet, especially if you use Reddit.
After launch, NFTs were made available for purchase on the platform’s Avatar Marketplace. Unfortunately they were all sold out. This means OpenSea is your only option for secondary sales if you plan to buy.
But don’t worry. NFTs are included in all categories. Expensive and cheap. If you plan to buy now and resell later for profit, it is wise to research the rarity of NFTs and their uniqueness. For example, the first 100 NFTs released are some of the most expensive NFTs in the collection.
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*All investment/financial opinions expressed by NFT Plaza are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
A blockchain maximalist who believes the future we are heading for requires technology. An avid researcher and writer who uses his writings to inform the prospects of his blockchain space.
