Reddit, a popular website for online discussions, is putting more effort into blockchain technology. It recently announced that it would release a series of NFT avatars based on its Snoo character. Reddit used to sell tokenized avatars, but now it also gives some away to its most active users.
Recently, a Reddit administrator announced that the site will send free NFT avatars to users who have a lot of karma points, which is a score that shows how much they contribute to Reddit communities. According to the post, the NFTs will be given to individual users and not just to certain discussion groups.
“Collectible Avatars,” which are Reddit’s NFTs, are made on Polygon, a scaling network for Ethereum that makes transactions cheaper, faster, and less energy-intensive than on Ethereum’s mainnet. Reddit is giving away free avatars in four styles: Aww Friends, Drip Squad, Meme Team, and The Singularity.
Reddit doesn’t just give away NFT avatars for free; it also sells them through its own platform. Based on what’s available, they cost anywhere from $9.99 to $99.99 each.
An NFT is a blockchain token that represents ownership of an item, such as an avatar’s profile picture, a piece of art, a collectible, or an item in a video game. During an airdrop, tokens are sent to certain crypto wallets as a reward for using a certain protocol, owning an NFT, or meeting other set criteria.
So far, Reddit’s Collectible Avatars program hasn’t used the term “NFT,” which is interesting because brands like Coca-Cola and the esports team 100 Thieves have done the same thing. Some people don’t like NFTs, and some networks, like Ethereum, have been criticized for their effect on the environment, scams, and too much speculation.
Reddit had previously sold a limited number of CryptoSnoos NFTs based on Ethereum, and their marketing did use the term NFT. In June 2021, only four NFTs were made available through this project. One of them sold at auction for 175 ETH, which was worth more than $398,000 at the time. In February, that NFT was resold for just 42 ETH, or about $117,000 at the time.
Reddit has been looking into blockchain in different ways for a long time. Its first tokenized program was called “Community Points,” and it was released in late 2019. Since then, it has tried out different scaling platforms that could make tokenized rewards available to a much larger audience.
In the end, Reddit chose Arbitrum, an Ethereum scaling network from Offchain Labs. This month, they launched the project on mainnet through the new Arbitrum Nova chain, which is made for social and gaming apps.
The tokenized Community Points could be used in other Web3 apps, and Reddit plans to make them available to a lot more of its communities in the future. As of right now, only r/CryptoCurrency and r/FortNiteBR offer the Moons and Bricks, which are the crypto reward tokens.