8NFTs and the surge in more creators taking an interest in them have been massively visible. From Eminem to Snoop Dogg to major league football organizations, everyone has been taking a dive into the NFT space. Not only do we see these various artists using NFTs as a way of interacting with their fans, but many organizations are also creating NFTs to raise funds for charities or wildlife reservatories.
Social networking sites are not new to the NFT space as well. One of the massive social networking sites, Reddit is coming out with a new Collectibles Avatar marketplace leveraging non-fungible tokens (NFTs) hosted on Polygon’s blockchain.
Reddit, where you have access to countless forums and online communities, is going ahead with this initiative and will be looking forward to partnering with independent artists to create unique avatars that any Reddit users can buy for a set price and also customize with gear that will cater towards yielding creators a slice of the sales.
Additional Read: How to Create an NFT and Sell it
Besides being a proud owner of these avatars, the purchase of these NFTs will also give its owner a license that will enable them to use the artwork on and off of Reddit. According to the press release, any Reddit profiles with the Collectable Avatars set as their display or profile image will also have a “glow-like effect” in the comment section. However, a note to all interested buyers, these Collectable Avatars will only be available for purchase via the local currencies, such as U.S. dollars. There is no crypto option available at the moment to purchase these Collectable Avatars, nor can they be bought and then auctioned off on either a secondary market like OpenSea.
According to Decrypt news, the company said, “In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit. Blockchain-backed Collectible Avatars are one of the early steps we’re taking to test out the potential benefits of this concept on Reddit.”
According to the press release from the company, the marketplace choose to be built around Polygon’s blockchain due to its low-cost transactions and sustainability commitments. Alongside the Polygon marketplace, Reddit will also launch an Ethereum-compatible wallet called a Vault. The website launched a forum that will provide early access to the new services, enabling people to set up their digital wallets early.
Source: Decrypt
Additional Read: Polygon Whitepaper Summary
How to Protect your NFTs
The NFT space is still being explored. As newer projects are coming up, it is important to take a look at the points you should keep in mind while diving into the NFT or crypto space in general. Here is a set of 7 pointers to help you protect your NFTs.
- Avoid talking to strangers over social media
- Beware of fake minting sites on Twitter and Discord
- Never share your secret recovery phrase
- Never click on broken or unknown links
- Use a password manager and change your passwords frequently
- Use a hardware wallet, especially for valuable assets
- Limit smart contract approvals
For a piece of detailed information on protecting your NFTs, keep reading How to Protect Your NFTs
Other top crypto news today: 8th July, 2022
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