Social media giant Reddit has announced its NFT (Non Fungible Token) marketplace. Reddit announced in its announcement that there is no need to use crypto money to buy NFTs, it will be sold by credit or debit card. Purchased NFTs can be stored in Reddit's own digital wallet. The company said that users will be licensed to use NFTs, which are released in limited numbers, to use them as avatars on Reddit, as well as to use them on other platforms.
Earlier this year, Reddit had tested the use of Ethereum-based NFTs as a profile picture before announcing the NFT (Non Fungible Token) marketplace. Social media has partnered with Polygon, an Ethereum layer-2 solution for NFT (Non Fungible Token) printing. NFTs printed on the platform can be stored in a wallet called Vault, which is built into the Reddit application.
In the first stage, NFT avatars are made available to members of the invitee subdirectory by r/CollectibleAvatars. While it is stated that there will be no auction for the sale of NFTs, NFTs are offered for sale at different prices from 10 dollars to 100 dollars depending on their characteristics. Reddit stated that after the completion of private sales, anyone who is a member of the platform through the avatar generator page in the coming weeks will be able to purchase NFT.
The last social media platform to focus on the NFT industry, Reddit, comes after Instagram and Facebook recently announced their support for NFT (Non Fungible Token). Another important development regarding the NFT industry is that eBay, which launched its digital art collection in May, bought NFT marketplace KnownOrigin last month. Depending on these developments, the NFT sector, which is very popular in 2020, continues to progress with firm steps, although it sees a slowdown in adoption.