Reddit Partners with Polygon to Make NFTs
Reddit’s recent announcement of beginning to adopt NFT avatars on the Polygon blockchain has created a stir in the market for MATIC users who see the Polygon network as a solution to Ethereum’s calling issues.
The announcement comes as a major catalyst for the cryptocurrency which has nearly doubled since its $0.30 low in mid-June. Reddit is a major platform for communities to grow and has already dabbled in cryptocurrencies before.
Reddit NFT avatars
The NFT marketplace that Reddit plans to create will be a part of the r/CollectibleAvatars subreddit which is being designed to allow independent artists a platform on which they can create and sell their work.
This feature will allow Reddit users to replace their Snoo (the Reddit mascot) profile avatar with a unique NFT avatar. The Reddit avatars have already been a customizable feature on Reddit for a few years, so adding NFTs into the mix allows for these customizations to become components of a user's profile.
Why Polygon?
The choice to use Polygon is interesting because it is one of the most affordable networks that run on Ethereum. With its high transactions-per-second and low gas fees, the ability to swap and trade different accessories for an avatar becomes increasingly affordable.
It’s a step in the right direction for a company that has done their due diligence on which blockchain they want to establish on their platform. Although Ethereum is the best network for large transactions, it still has issues handling smaller amounts. By using Polygon, Reddit is providing users with a network that is more accessible while remaining tied to the Ethereum network.
Restrictions
While the NFTs hosted on the Reddit marketplace live on the Polygon blockchain, the tokens themselves will only be purchasable using fiat currencies. This will allow users to enjoy the tokens without requiring them to pay with cryptocurrencies which reduces the barrier to entry for many that might not be tech-savvy enough to buy native Polygon tokens.
Instead, users can use their fiat to purchase the NFTs which are then sent to a polygon wallet address which will be stored in the Reddit vault which has been a feature on Reddit for nearly a year.
Reddit Moons
The move to use Polygon for NFTs is not the first time that Reddit has dabbled in cryptocurrencies. After the NFT boom in 2021, many cryptocurrency subreddits began to see their communities grow from excited new investors.
During this growth, r/Cryptocurrency rolled out a new feature called Moons. This new currency was an ERC-20 token that was awarded to active members of the subreddit. They would receive airdrops of Moon tokens based on how successful their posts and comments were.
These tokens would be saved in the vault and acted as a multiplier for each new airdrop meaning that users who did not immediately sell their Moon tokens would receive added compound interest for each subsequent month.
A growing trend for social media
Reddit is far from being the first social media platform to adopt cryptocurrencies for users. Twitter and Meta have already made strides to bring blockchain technology onto their systems as well.
The excitement about Reddit is that its entire premise is based around internet communities. Each subreddit revolves around a specific topic which people join to discuss and enjoy together. By incorporating NFTs, they are introducing a token which has its value created by a community.
To see another major social media platform moving towards web3 is an exciting signal that, despite the bear market, blockchain adoption is already here and being taken seriously by internet companies.
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