Reddit is jumping in on NFTs. The social media platform has unveiled ‘CryptoSnoos’, 1-of-1 NFTs for the platform built on ethereum. Reddit has previously partnered with the Ethereum Foundation to bring the cryptocurrency subreddit their own native crypto, ‘Moons’.
CryptoSnoos: A New Type Of Avatar
Reddit has already minted and put up for auction three unique CryptoSnoos on OpenSea, titled Original Block, Helium, and Snooprematic. CryptoSnoos are bucketed within different types of rarities: Legendary (unique, of a kind), Epic (extremely limited edition), and Rare (limited edition). The initial three Snoos on OpenSea are all Legendary. The name “CryptoSnoos” come from the company mascot, ‘Snoo’.
Reddit is clearly looking at how the CryptoSnoos can be integrated on the platform as well. Initially, CryptoSnoos will provide a glow animation to user avatars, and the NFT card will replace profile avatars. Users will also be able to view the CryptoSnoo ‘stats’ on the back of each card.
The platform describes the NFTs as “pieces of art that come from different dimensional coordinates across spacetime. A fusion of past and present, high-culture aesthetics mixed with the popularity of kitsch and cartoons – fragmented, abstracted, impressionistic, futuristic folk and modern (post and pre), and definitely enlightened (but in an avant-garde, neo-classical contemporary kind of way).
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Reddit & Crypto
The social media platform is no stranger to crypto. Subreddit r/cryptocurrency is arguably one of the most vibrant community of crypto fans online, with over 1M subscribers placing it firmly in the top 500 most subscribed subreddits on the site. Along with the aforementioned native crypto ‘moons’ for the subreddit, the platform also brought ethereum-based tokens to Fortnite subreddit r/ForniteBR.
Now, with CryptoSnoos, the site is showing another step of ingraining crypto – this time into broader operations with profile integration. CryptoSnoo owners need not just apply them to their Reddit account if they don’t want to, either; owners can hold, transfer, and sell them like a standard NFT.
Snoos utilize ethereum’s ERC-721 contracts and are hosted with IPFS as well. At present time, they are only supported on Reddit’s desktop version, with the NFT experience not yet being built for mobile optimization. Additionally, there are limited details to date on when more CryptoSnoos will be released. Bidding for the first three Snoos closes on July 1.
How will this foray into broader crypto-ingrained operations for Reddit remains to be seen, but it will certainly be an interesting experiment to keep an eye on while many social media companies comparatively watch from the sidelines.
For many big projects, ethereum has been a foundational NFT tool. | Source: ETH-USD on TradingView.com
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Featured image from Pixabay, Charts from TradingView.com