Reddit is entering the NFT game as its users who have earned ample karma are eligible to receive a free NFT that’s minted on Polygon. Based on the Snoo character, Reddit recently announced that the discussion platform would launch a series of NFT collections.
These NFTs are called “Collectible Avatars” – you can buy these via cryptocurrency tokens. In addition to Reddit selling these avatars, the platform has started giving some away to the platform’s top users.
Around ten days ago, user “u/crowd_pleaser” announced in the subreddit “r/CollectibleAvatars” that the platform will start giving away Collectible Avatars to their “top community builders.”
As the NFT collection marks a new phase in its journey, Redditors’ user points are now finally used. Not only has the platform started air-dropping them free NFT avatars, but the users will also be given an option to choose from four distinct new styles of Collectible Avatars.
The Collectible Avatars are minted on Polygon, a scaling network for Ethereum. Polygon enables faster, cheaper, more efficient transfers and transactions than the Ethereum mainnet.
Reddit also sells these NFTs to regular users – the price ranges from $9.99 to $99.99, depending on the selection. What’s interesting is that Reddit is following the path of Coca-Cola and Esports Team 100 Thieves by not calling these avatars “NFTs.”
The platform is playing marketing tactics as the term “NFTs” represents environmental damage to some internet folks (take Ethereum, for example). The collection comprised only four total NFTs, one of which was sold for 175 ETH (equaling over $400,000)
Late in 2019, Reddit launched Community Points as the platform started exploring the blockchain space. Since then, they have been trying different scaling platforms to bring their ideas into reality and accommodate a wider audience with tokenized rewards.
Arbitrum, an Ethereum scaling network from Offchain Labs, was finally chosen by Reddit. This month, the project was launched on the mainnet using the new Arbitrum Nova chain.
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