Reddit Is The Latest To Join The NFT Race With Reddit NFT Avatar Marketplace
Reddit is an online platform that allows participants to post content such as links, texts, images, and videos. The Reddit participants can upvote or downvote the content of other platform members. It is currently the 9th most visited social media platform in the world. It was founded in October 2006.
The participants can create their community known as a sub-reddit. There are more than 1,30,000 active sub-reddits on the Reddit platform. The platform users can engage in any of their interested sub-reddit except the private ones. Recently Reddit announced that they are entering the digital realms of NFTs. It is launching an NFT-based avatar marketplace for NFT blockchain users.
Why Get Into The NFT Realm?
NFT is bringing in a huge profit with its ability to attract potential investors and traders. The NFT realm has attracted all people from different businesses for its features, which can be easily integrated and transferred from one user to another. Many social media platforms have started testing and have successfully launched the NFTs assets and marketplaces connected to their platforms. Currently, the decentralized NFT market is around $3 billion. The NFT creators can utilize the NFT Reddit marketing services to enhance their projects reach among the users in the platform.
Reddit NFT Avatar Marketplace
The Reddit platform has released 87 uniquely designed NFTs by artists, and they are issuing the NFTs in limited runs for a fixed price from $9.99 to $99.99. The users can purchase the NFTs via bank payment systems such as cards. After their purchase, the assets are stored in the Reddit onboard vault. The buyers can display the NFTs on their profiles and sell them on a secondary NFT market.
The users can get engaged in the sub-reddit r/CollectibleAvatars to buy the NFTs, and the users first need to register their wallet, select their Polygon-based NFT, and customize their profile. The purchaser will get the rights over the new NFTs bought. The limited NFT avatars can be customized by the user in the Avatar builder. Every NFT is uniquely numbered. The collectible has a glow-like effect on the comment section.
nft The main goal of Reddit is to grant control to the creators who contribute to the platform with their creations. Reddit spokesperson Tim Rathschmidt tells The Verge that it took steps to prevent fraud — which has been an issue on NFT marketplaces and was a concern when Twitter rolled out its NFT pictures — by partnering with a small group of artists, applying compliance checks for their participation, and performing an “extensive, cross-functional review of all designs for their authenticity”.
The Reddit NFT Avatar Marketplace is developed using Polygon blockchain technology, making transactions more energy-efficient and faster. On the financial side, Rathschmidt tells The Verge that Reddit’s cut is 5 percent, which covers minting and blockchain fees and supports the creator program. At the same time, the rest goes to artists who have a way for their work to “live beyond the virtual walls of Reddit (and be compensated for future sales of their art).” Reddit is also keeping its hands out of cryptocurrency transactions, with all purchases made using government-issued currency, just as if you were buying Reddit Coins or Premium.
Conclusion
The NFT market has also attracted the Reddit social media platform with its popularity. Many other social sites like Instagram also plan to enter the NFT world with their marketplace and assets.
