Reddit’s gradual journey to Web3 is no longer a secret, but the community site has just taken an important step. He is launching a marketplace for non-fungible tokens (NFT) that act as profile pictures, on Polygon (MATIC). Update on this advance and its limitations.
Reddit offers NFTs to its users
The news was announced yesterday by the teams of Reddit. The site, which has been offering to create your own avatar for two years, now goes further: it will soon be possible to buy their profile picture in the form of a non-fungible token (NFT)†
†The success of our avatars got us thinking. […] What if we could help? [les artistes de Reddit] promote their art to the entire Reddit community and help them monetize their work?†
Reddit’s NFT Marketplace Launches as a Test, and it will initially contain only 87 designs† Users who use any of these non-fungible tokens will see their profile picture light up slightly next to their comments and posts. Artists are paid for every purchase and receive royalties, where possible, for all resale on other sites.
Reddit’s NFTs are made available at a fixed price, not as an auction. Buyers can also pay directly with fiat currencywithout cryptocurrencies being accepted in the first place.
👉 To continue – How to assess the potential of a collection of NFTs?
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NFTs available on Polygon (MATIC)
Reddit chose Polygon, which describes the statement as: “A general purpose blockchain compatible with EthereumLow transaction costs and lower ecological costs are also emphasized is stored in The VaultReddit’s wallet, which supports blockchains compatible with Ethereum (ETH).
In any case, this is a big step for Reddit. The community site had already introduced cryptocurrencies for his /r/cryptocurrencies forum in particular. This was widely seen as a first test before this kind of functionality was rolled out to a larger part of the site.
However, we feel a certain caution from Reddit. For now, avatars in NFT will be available separately, with no possible off-market resale. But the site is laying down its pawns little by little, with various tests around the blockchain.
👉 Also Read: Polygon and Reddit Co-Founder Allocate $200 Million for Web 3.0 Polygon and Reddit Co-Founder Allocate $200 Million for Web 3.0
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