Reddit began Airdropping "collection Avatar" NFT to users | Analyze Reddit_s crypto exploration road

TL;DR

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Reddit is further embracing blockchain technology as it announces the development of Snoo Avatars using NFT tech.Reddit invested in NFTs in 2019 when it launched the "Community points" initiative. Like Coke, Reddit has refused to address its projects as NFTs, as studies show that people are beginning to dislike NFTs.Reddit plans to introduce Community Points to as many communities as possible.

Reddit Airdrops based on Karma Point.

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As part of a wider push to incorporate blockchain technology into social media, Reddit has begun airdropping its polygon-based "Collectible Avatars."

According to the announcement, Reddit would airdrop free NFT avatars to users who have earned significant amounts of karma points. Karma points represent users' contributions to Reddit communities. According to the post, NFTs are awarded on a user-by-user basis and are not limited to certain discussion groups.

Reddit's exploration into the crypto world

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As you know, NFTs are blockchain tokens that represent ownership of items such as avatar profile pictures, artwork, collectibles, video games, and collectibles. Airdrop, on the other hand, is the process of sending tokens to specific crypto wallets, typically as a reward for using a particular protocol, owning a certain token, etc.

In the past few years, Reddit has explored the blockchain space. Its journey began in 2019 when the company launched a tokenized "Community Points" initiative.

In June 2021, Reddit released a limited series of NFTs that used the NFT terminology in its marketing. The project was an Ethereum-based project named CryptoSnoos NFT. Only four NFTs in that project were released; one sold for 175 ETH at auction - over $398,000 in value. In February, the NFT was resold for only 42 ETH or about $117,000.

Since then, Reddit has experimented with various scaling platforms to make tokenized rewards more accessible. As part of its mainnet rollout, Reddit selected Arbitrum from Off-chain Labs to be a component of its new Arbitrum Nova chain. As more communities are introduced to Reddit's tokenized Community Points, they will be useful within other Web3 apps. Currently, only two communities—r/CryptoCurrency and r/FortNiteBR—offer the crypto reward tokens, which are called Moons and Bricks, respectively.

Details of the Reddit Airdrop

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A Reddit administrator recently announced that NFT avatars would be airdropped to users who have earned a substantial number of karma points—a measure of their contributions to the Reddit community. As stated in the post, NFTs will be awarded on a user-by-user basis and are not limited to specific discussion communities. Furthermore, the post specified that the NFTs Reddit offers are minted on Polygon, an Ethereum scaling network that enables more effective, energy-efficient, and cheaper transactions than Ethereum's mainnet.

Community builders are to keep a check on their feeds to know if they qualify for the. The following are the set of collectible avatars available for the airdrop:

• Aww Friends,
• 
  
• Drip Squad,
• 
  
• Meme Team,
• 
  
• The Singularity.

According to the current selection, they range in price from $9.99 to $99.99 each.

Conclusion

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In Reddit's view, collectible avatars are just the beginning of its move towards more blockchain-based technology. According to the company, blockchain will enable communities on Reddit to have more independence and empowerment in the future.

Reddit's investment using NFT technology can be a major growth the NFT market needs to recover from its downward trend. As more communities accept it, the higher the growth of the market.



Author: M. Olatunji, Gate.io Researcher
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