Reddit Is Digging NFTs: Avatars to the Test

Reddit NFT

Reddit NFT

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Reddit will seize every opportunity to enter the NFT area, despite the march of other tech titans into the field.

Reddit will seize every opportunity to enter the NFT area, despite the march of other tech titans into the field. Reddit has made an official entry into the lucrative NFT business.

It has dabbled with NFT avatars, allowing users to use them as profile photos on the content-generation social network.

Following Twitter’s move to NFT integration, Reddit added a similar functionality. Users can now use NFTs to submit their Reddit avatars to the collectible “CryptoSnoos.”

Reddit Taking a good look at NFTs

According to the original message, Reddit’s technical staff is studying and building this capability, which has yet to be publicly announced to users.

Avatar styles are available under the avatar settings; users may create their own by picking from a number of face, tops, bottoms, head, and body options.

Users may choose from a range of eye colors, styles, cosmetics, accessories, facial coverings, and expressions in the face setting. Users must purchase a Reddit premium account in order to obtain unique outfits and avatar stuff.

Reddit, on the other hand, stated that it will handle all types of NFTs, not simply those introduced by the social network in the middle of last year.

According to the original message, Reddit’s technical staff is studying and building this capability, which has yet to be publicly announced to users.

Avatar styles are available under the avatar settings; users may create their own by picking from a number of face, tops, bottoms, head, and body options.

Users may choose from a range of eye colors, styles, cosmetics, accessories, facial coverings, and expressions in the face setting. Users must purchase a Reddit premium account in order to obtain unique outfits and avatar stuff.

Reddit, on the other hand, stated that it will handle all types of NFTs, not simply those introduced by the social network in the middle of last year.

NFTs are continuing to spread everywhere

Reddit has always been interested in and supportive of cryptocurrency.

The network is also regarded as one of the most crypto-friendly social media platforms. In the year 2020, the r/CryptoCurrency and r/FortniteBR communities acquired two ERC-20 tokens, MOONS and BRICKS, respectively.

Later, in 2021, the social network introduced a modest collection of NFTs and announced plans to open an NFT marketplace in the near future.

Alexis Ohanian, co-founder of Reddit, is also a long-time cryptocurrency advocate, having announced a $100 million fund to invest in the Solana ecosystem and a $200 million fund to invest in Polygon.

Meta is now working on a feature that will allow users to show their NFT on their profile images as well as build their own NFTs, according to the most recent announcement.

Instagram CEO Adam Mosseri revealed his desire to examine NFT in December 2021, but provided no further specifics.

Meta’s plan will let artists and creators monetize their non-fiction work. These are widely used as social media profile photographs by NFT clients.

This is considered as a new way for Facebook and Instagram to earn revenue in the wake of a slew of privacy scandals that threaten to derail the advertising-based economic model.

More NFTs for Collectors and Investors

Another industry behemoth, YouTube, said this week that it is developing NFT tools for content providers. This was confirmed by the CEO of the video social network.

While Facebook, like Reddit, is only a concept or testing ground, Twitter, according to the company, has fully implemented this functionality for subscribers of the premium service Twitter Blue.

The hexagonal avatar frame will be displayed instead of the conventional circle for Twitter users that use NFT as their avatar.

Twitter, on the other hand, has protested that its NFT feature does not ensure ownership, enabling two distinct users to use the same avatar for as long as it is created as an NFT.

Despite the fact that many analysts believe this is a speculative bubble fuelled by frauds and market manipulation, plans to incorporate NFT into the company’s operations are still in the works.

OpenSea, the world’s largest NFT marketplace, raised $300 million in January, boosting its worth to $13 billion. Six months ago, the business raised $100 million to bring its valuation to $1.5 billion.

Coinbase, the main cryptocurrency exchange in the United States, will deploy the NFT trading platform in October 2021.

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