Reddit Launches New NFT Marketplace On Polygon
Reddit Launches New NFT Marketplace On Polygon. Reddit has recently just announced that it is launching a new ‘Collectibles Avatar’ marketplace to sell NFTs that are hosted on the Polygon blockchain.
The New Avatar NFT Marketplace
This marketplace will allow users to buy NFT profile pictures for a fixed rate, buying these avatar NFTs will also give the owners a license to use the artwork on and off of Reddit.
To buy this NFT, users do not need to own crypto to buy these NFTs as the company says that users will be able to use their credit or debit card to buy them. When a user buys an avatar from Reddit’s new NFT marketplace, it can be kept and managed in Reddit’s own blockchain wallet called Vault. This wallet can be used to earn blockchain-based community points on the Reddit platform.
Stepping Stone From Web2 To Web3?
This isn’t Reddit’s first time entering the world of NFTs and blockchain as earlier this year, the company tested features allowing users to set their profile pictures as any Ethereum-based NFT, and last year, the company launched their own limited-edition NFTs.
But this time, with launching their own polygon-based NFT marketplace where users can effectively buy and sell their own NFTs, many users are looking forward to it as this feature could help expand the adoption of NFTs to other online communities.
On Twitter, user @Degentraland even claims that this new marketplace could be a big deal for web3 as “Reddit’s NFT avatar marketplace launch can be seen as a proxy for the wider Web 2.5 market.”
4/ Reddit’s NFT avatar marketplace launch can be seen as a proxy for the wider Web 2.5 market. It is supplementing the centralized platform by layering in digital ownership to its self-built, self-run, and self-sustained communities.
— Degentraland (@Degentraland) July 7, 2022
In their announcement of the new NFT marketplace, Reddit says “In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit,”
“Blockchain-backed Collectible Avatars are one of the early steps we’re taking to test out the potential benefits of this concept on Reddit.”
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