Popular online discussion platform Reddit is leaning harder into blockchain technology, and recently announced that it would launch a series of NFT avatars based on its Snoo character. But now, in addition to selling the tokenized avatars, Reddit is also now giving some away to its most avid users.
Recently, a Reddit administrator announced that the platform will airdrop free NFT avatars to users who have earned a considerable amount of karma points—a score that represents their contributions to Reddit communities. The NFTs will be awarded on a user-by-user basis and are not limited to certain discussion communities, per the post.
Reddit’s NFTs—called “Collectible Avatars”—are minted on Polygon, a scaling network for Ethereum that enables cheaper, faster, and more energy-efficient transactions than on Ethereum’s own mainnet. Reddit is offering free avatars in four styles: Aww Friends, Drip Squad, Meme Team, and The Singularity.
Beyond the free airdrop, Reddit also sells NFT avatars through its own platform. They range in price from $9.99 to $99.99 apiece, based on the current selection.
An NFT is a blockchain token that represents ownership of an item, including things like profile pictures of avatars, as well as artwork, collectibles, and video game items. Meanwhile, an airdrop is a process by which tokens are sent to specific crypto wallets, typically as a reward for using a certain protocol, owning an NFT, or other set criteria.
Interestingly, Reddit has thus far avoided using “NFT” terminology with the Collectible Avatars program, echoing similar tactics from brands like Coca-Cola and esports team 100 Thieves. NFTs can be divisive with some audiences, and have drawn criticism for the environmental impact of certain networks (like Ethereum), as well as scams and rampant speculation.
Reddit previously released a limited series of Ethereum-based CryptoSnoos NFTs, which did use NFT terminology in their marketing. Just four total NFTs were released in that project in June 2021, with one selling for 175 ETH at auction—over $398,000 worth at the time. That NFT was later resold for just 42 ETH in February, or about $117,000 then.
Reddit has been exploring the blockchain space in other ways for years. It first rolled out a tokenized “Community Points” initiative in late 2019, and in the years since, experimented with various scaling platforms that could bring tokenized rewards to a much larger audience.
Reddit ultimately chose Arbitrum, an Ethereum scaling network from Offchain Labs, and this month rolled out the initiative on mainnet via the new Arbitrum Nova chain designed for social and gaming apps.
The tokenized Community Points can potentially be used within other Web3 apps, and Reddit plans to introduce them to many more of its communities in time. As of now, only two communities—r/CryptoCurrency and r/FortNiteBR—offer the crypto reward tokens, which are called Moons and Bricks, respectively.
Source : decrypt.co
