The NFT industry is gaining more traction worldwide, and social media giants are integrating its function on their platforms. Reddit, a popular social network on the internet, has integrated Ethereum-based NFTs into its online platform.
According to WatcherGuru, NFTs were auctioned for about $400,000 a piece and will be used as avatars on the Reddit social networking site. Reddit Users are not allowed to use any NFT that is not part of the list on the social platform. They would have to use a jpeg file instead.
CryptoSnoos NFT Collection
CryptoSnoos is the name given to this collection. To win a CryptoSnoo NFT, participants had first to link their MetaMask account to Reddit and then submit bids in the OpenSea auction hosted by OpenSea.
The holders of CryptoSnoo NFTs were given a link that directed them to a website devoted to the NFTs after making a purchase. From that website, customers were routed back to Reddit, where they could download the CryptoSnoo picture that was connected with the NFT avatar.
Since Reddit owned the CryptoSnoos NFTs, likely, any profits realized from the sales will indeed be split between OpenSea and Reddit in some manner. OpenSea generally gets a 2.5% share of all purchases. However, it is unclear if the deal extends to CryptoSnoos in this case or not.
CryptoSnoo NFT Only For Entertainment Purpose
According to Reddit, holders of CryptoSnoo NFT do not have any economic rights to the digital art which the NFT represents. Reddit term of usage stated that:
“You understand that these CryptoSnoo NFTs are provided only for the purpose of entertainment and not to be used for.other purposes.”
Because of the limited number of available NFTs, this is likely simply a preliminary test by Reddit to see how the integration of NFTs would fare in the community. A simple way to further expand the usage of NFTs is for the firm to allow individuals to create avatar NFTs either for a specific function or for sale. Presently, users on Twitter can use their NFTs as profile pictures. Alternatively, users may utilize whatever NFT they have on their Metamask following the site’s requirements.
At the beginning of this year, Social media giant Twitter introduced a feature that allows NFT owners on its platform to utilize their NFTs as profile pictures. This feature was only made available to Twitter Blue users who could verify ownership of the NFT. Twitter rolled out the option only for iOS users, promising that a similar feature would soon be released for Android OS. Instagram has also shown interest in launching an NFT feature on its platform, although a date has not been given.
