Reddit NFT

Reddit Launch NFT Based Avtar Marketplace on Polygon .

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Reddit launched its NFT-based avatar marketplace, as they stated Before and chose Polygon for minting their NFTS.
Polygon’s Token price from 0.55 to 0.59 Reached within minutes of the announcement, and on-chain data shows whales are accumulating the Matic.
After several months of falling figures, Reddit’s decision is a positive sign for NFTs.
Reddit is another company after Twitter and Facebook, working on Non-fungible tokens (NFT) technology by creating an avatar marketplace based on the Polygon network. MATIC whales have the opportunity to acquire the asset, even though the social network platform is divided as per their Opinions by users.

Reddit’s NFT Launch on Polygon create new interest in Matic also, and people and retail investors are, seeing an opportunity in Matic /Polygon.
Reddit, a social network site but little different from Twitter and Facebook, announced the launch of an NFT-based avatar marketplace. Users can purchase NFT tokens at a fixed price without having a crypto wallet.

To create the avatars, the company partnered with Layer-2 Ethereum blockchain for the minting of NFTS on the Polygon platform. There are 90 designs planned to launch, and these limited edition designs can for used as profile pictures outside of Reddit. The general public cannot access the NFTs; only members of the r/CollectibleAvatars community will have access to them.

Reddit offers another feature: the ability to pair your avatar with accessories and gear. NFTs enabled users will be able to glow in their profile pictures.

Reddit’s team noted that Polygon provides low-cost transactions and sustainability commitments. A blockchain research firm, IntoTheBlock, stated that it had been “accumulating, taking full advantage of lower prices”.

MATIC’s price rose by 10% due to the Reddit collaboration. Trade volumes rose by 29.68%.

Reddit’s fascinating relationship with Web 3.0
Reddit’s latest NFT experiment isn’t the first time that the platform has tried NFTs. Reddit experimented with a feature that users can use NFTs on their Avatars which is designed on Ethereum blockchains, and they can be easily used in Avatars and profile pics, the same facility we will se on Twitter and Facebook

Reddit spokesperson Tim Rathschmidt stated that it’s an internal test and, right now, did not make any decision regarding expanding or rolling out the capability.

CryptoSnoos was created by the platform, which is its digital collection. Reddit users were critical of the project for its high prices and perceived lack of utility for NFTs.

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