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Reddit, a well-liked online discussion platform is making prominent moves into blockchain technology. Recently, the company made an announcement that they will release a Snoo-based series of NFT characters. But the twist came when they declared that they will offer a bunch of NFTs from the collection to its top users.
The recent announcement by a Reddit administrator said that they will soon drop an airdrop consisting of free NFTs to the platform users having sufficient number of Karma points. Karma points depicts the amount of contribution made by the user on the platform.
The “Collectible Avatars” that Reddit uses as its NFTs are created on Polygon, an Ethereum scaling system that makes transactions more affordable, quick, and energy-efficient than on Ethereum’s mainnet. Free characters in the Aww Friends, Drip Squad, Meme Team, and The Singularity styles are available on Reddit.
In addition to the free airdrop, Reddit also offers NFT avatars for sale on its own website. Depending on the option, they cost anywhere from $9.99 to $99.99 each.
An NFT is a blockchain token that denotes ownership of an asset, such as arts, collectibles, video game goods, and avatar character images. An airdrop, on the other hand, is a method by which tokens are distributed to particular cryptocurrency wallets, generally as a reward for utilizing a particular protocol, owning an NFT, or meeting other predetermined conditions.
Intriguingly, Reddit has refrained from utilizing the phrase “NFT” in connection with the Collectible Avatars initiative thus far, mirroring similar strategies used by companies like Coca-Cola and the esports team 100 Thieves. NFTs can be contentious among some audiences and have come under fire for wild speculation, frauds, and the negative environmental effects of some networks (like Ethereum).
Prior to this, Reddit had published a small number of Ethereum-based CryptoSnoos NFTs, and they had advertised them under the NFT moniker. In June 2021, just four NFTs on aggregate were launched in the project, with one going for 175 ETH at auction, or more than $398,000 at the time. Later, in February, that NFT was resold for just 42 ETH, or around $117,000 at the time.
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