Over 3 Million Redditors Purchase NFT Avatars Through Reddit Blockchain Wallet

The NFT hype is on fire at the moment and many companies are joining the trend. Reddit, a popular discussion website, officially launched an NFT marketplace in July. 

It’s the first time that the “face of the internet” participated in this experiment which allows users to buy non-fungible token profile pictures.

At the moment, there are more than three million Redditors who have already created millions of crypto wallets. Majority of them have purchased NFT avatars.

Reddit NFT Avatars Are Everywhere

Reddit NFT Avatar

(Photo : Brett Jordan from Unsplash)

According to a report by TechCrunch, Pali Bhat, the chief product officer of Reddit said that more users are using Reddit’s Vault blockchain wallet so they could generate more NFT avatars on the site.

Reddit is somewhat new in the industry. Few months ago, the social community network released roughly 40,000 NFT avatar designs thanks to its collaboration with more than 30 artists and designers.

There are NFT avatars that are cheap which you can buy for as low as $10. However, there are others that can go for up to $100. The price depends on the demand, and still some of them remain sold out to date.

If you happen to purchase an NFT profile picture, you are entitled for its license on Reddit. You can experiment with it and recreate your own design through the avatar builder tool.

Related Article: Reddit Tests NFT Profile Picture Feature Similar to Twitter | How it Works

NFT Avatar Minting

Polygon, a widely-known blockchain which runs on Ethereum, was assigned to mint the NFT avatars on Reddit. By minting, the user can publish an original non-fungible token that is ready to be sold in the NFT marketplace.

The Reddit app has become a convenient mobile app for the storage of NFTs thanks to its Vault system.

Setting your profile picture as NFT is the current trend on the platform. It’s quite similar to Twitter at first glance.

You can buy NFT avatars on Reddit but there’s a catch. You need to be a member of the r/CollectibleAvatars subreddit before anything else. This exclusive perk is also an invite-only feature which means that you cannot enter publicly here.

Financial Express reported Reddit Avatar NFTs have unpredictable price movements like any other volatile assets such as cryptocurrencies.

For instance, the Mio Armor NFT once hit five ETH and even went 100 ETH when it comes to trading volume. Not all NFTs are similar to it because their prices could also sharply drop all of a sudden.

Reddit is Expanding its Service

Over the past years, Reddit has been exploring new content to bring on the platform. Recently, it tested TikTok-style video editing tools and even the machine-learning. It also released updates for Reddit Talk, its live audio product. 

Three months ago, Reddit partnered with Giphy! to introduce a feature where Redditors can use GIFs as comments or replies. Tech Times reported that it’s not free for everyone, but some administrators made it available to some communities due to high demand.

Read Also: Reddit is Testing NFT Platform That Can Convert Karma Points to Ethereum Tokens

This article is owned by Tech Times

Written by Joseph Henry

ⓒ 2022 All rights reserved. Do not reproduce without permission.

Source link

Tags: No tags

Add a Comment

Your email address will not be published. Required fields are marked *