Reddit, a popular social networking platform, has revealed that it will launch an NFT-based avatar marketplace. Users can buy tokens at a constant price without needing a crypto wallet in the new marketplace.
The Polygon Network’s Avatar Marketplace is the latest big business to employ non-fungible token (NFT) technology. The introduction of the Avatar Marketplace, based on the Polygon Network, has prompted a debate among users. MATIC Whale is taking advantage of the uncertainty to accumulate assets.
Reddit’s NFT debut wakes the whales
The firm teamed up with Polygon, a layer-2 Ethereum blockchain, to create avatars using 90 distinct designs that will be available in the future. The designs are limited edition and include features that may be utilized outside Reddit as a profile picture.
The NFTs will not be available to the general public; instead, they’ll be accessible only to people with a r/collectible avatar.
They will allows users to link their Avatar with other Avatar gear and accessories. Users with NFT enabled will be distinct from others with a glow-like appearance on their profile picture.
“You don’t need bitcoin to buy these avatars, and they aren’t being sold. They’re all priced at a set price and may be purchased with regular currency.” According to Reddit, there was no ambiguity about the situation.
They chose Polygon for its “low-cost transactions and stability guarantees,” according to the team. Taking advantage of the low prices, “Whales holding less than 10 and 100 million MATIC are accumulating,” claims IntoTheBlock, a blockchain research firm.
MATIC rose by more than 10% in value on the popularity of their collaboration with Reddit. Trading volume climbed by 29.68% as speculators rushed to buy up the asset anticipating a brief rise.
Reddit’s exciting relationship with Web 3.0
Reddit’s latest NFT ambition isn’t the first time the site has dabbled with NFTs. Following Twitter’s announcement of a similar feature, they began experimenting with a feature that would allow users to use Ethereum blockchain-based NFTs as their profile picture.
Tim Rathschmidt said that this is a “small, internal test” and that no decision has been made about whether to expand or increase capacity.
The site has taken things a step further by launching a dedicated NFT page, nft.reddit.com, and creating its version of digital collectibles, CryptoSnoos. Reddit users criticized the high costs and perceived lack of usefulness of NFTs in response to the project.