- Reddit has announced the launch of the NFT-based avatar marketplace on Polygon.
- After an on-chain report stated that whales were accumulating MATIC polygon price It went up a few minutes after the announcement.
- This move by Reddit marks a positive development for NFTs after a downtrend in the crypto market for several months.
Reddit, a popular social media, news and discussion platform, Polygon (MATIC) It became the latest major company to adopt non-fungible token (NFT) technology, with the introduction of a network-based avatar marketplace. While the social media platform has differing opinions on the implications of this move, MATIC whales see it as an opportunity to accumulate wealth.
Reddit’s NFT launch on Polygon wakes up whales
An American-based social media company has announced that it will launch an NFT-based avatar marketplace. The new marketplace will allow users to purchase tokens at a fixed rate without the need for a crypto wallet.
The company has partnered with Layer-2 Ethereum blockchain solution Polygon to print avatars featuring 90 designs planned for release. The designs will have features such as being used as profile pictures outside of Reddit and will be in limited numbers. These NFTs will not be available to the general public, instead only members of r/CollectibleAvatars will have access to the NFTs.
Koinfinans.com As we’ve reported, an exciting feature Reddit is offering regarding NFTs is the option to pair the avatar with other avatar gear and accessories. Users who have NFTs enabled will be able to stand out from the rest by adding a shimmering effect to their profile picture.
Talking about the prices of Avatar NFTs, Reddit said in a blog post:
“You don’t need cryptocurrency to buy these avatars and they are not auctioned. Each avatar is priced at a fixed amount and can be purchased with fiat currency.”
The Reddit team noted that Polygon was chosen “for its low-cost transactions and sustainability commitments,” while IntoTheBlock, a blockchain research firm, explained that “whales holding under 10 and 100 million MATIC in their wallets are accumulating the altcoin, taking advantage of the lower prices.”
As a result of the excitement created by the collaboration with Reddit MATIC price It rose more than 10 percent and trading volumes in the altcoin also increased 29.68 percent as speculators rushed to stockpile the asset in anticipation of a minor recovery.
However, the popular cryptocurrency, which succumbed to the downtrend in the market over the weekend, experienced a 3 percent correction and is trading at $0.56 at the time of writing.
Interesting relationship between Reddit and Web 3.0
This partnership, which is the result of Reddit’s recent passion for NFTs, is not the first move the platform has made regarding NFTs. Reddit had begun testing a feature that would allow users to use NFTs based on Ethereum blockchains as profile pictures after Twitter launched a similar service.
Reddit spokesperson Tim Rathschmidt said of the experience:
“This is a small, internal test, and no decision has yet been made on expanding or rolling out the capability.”
The platform took things a step further by creating a page focused on NFTs, known as nft.reddit.com, and launched its own digital collectibles version, CryptoSnoos. The project has been criticized by Reddit users for its exorbitant costs and apparent lack of benefit for NFTs.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.