Reddit To Launch NFT Marketplace For Blockchain-based Profile Pictures

One of the biggest social media platforms, Reddit, plans to enter the world of non-fungible tokens with the debut of an NFT marketplace to allow users to purchase blockchain-based profile pictures for a fixed amount.

According to TechCrunch, Reddit will allow NFT enthusiasts and users to purchase NFT profile pictures not only using crypto wallets but also credit or debit cards. The developers have created the discussion platform's own wallet that can be used to store the NFTs.

The report =said that the initial sale will include as many as 90 designs while the total number of NFTs in the early access phase will amount to "tens of thousands."

Interestingly, if you purchase one of the exclusive NFT profile pictures, you will have the licensing rights to use the NFT on and off Reddit as an avatar. However, this is not as extensive as owning a Bored Ape Yacht NFT, which gives the owners the right to use their NFTs in a TV show or maybe in merchandize.

Another important feature introduced is the "avatar builder," which allows users to mix and merge their avatars with elements available in the builder, enabling a "glow-like effect" next to users' comments.

This is not the first time Reddit aimed to capitalize on the NFT industry. It launched an NFT collection called CryptoSnoos a year ago, which the users could use as profile pictures.