Reddit Launches NFT Marketplace for Collectible Avatars

Reddit doesn’t seem to freeze its Web3 initiatives as the social network has announced the launch of a new marketplace for collectible avatars made in the form of non-fungible tokens (NFT).

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

Reddit says the marketplace will help independent artists showcase their art to their community and make it easy for them to earn money for their work. The company added that all the digital collectibles will be stored on the Polygon sidechain as this network has “low cost transactions and sustainability commitments.”

Reddit’s Ohanian Puts $18M in Ethereum Wallet Rainbow

The marketplace is expected to be launched in the coming weeks. Users could buy NFTs not only with cryptocurrencies, but also with fiat money and credit cards.

Reddit first teased plans for NFTs in January this year when a spokesperson for the company, Tim Rathschmidt, said that the social network was conducting a “small, internal test.”

Access more than 50 of the world’s financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Source