Reddit experiments with NFTs
Non-fungible tokens (NFTs) are attracting increasing interest from various industries. Reddit has just joined the circle of experimenters who are utilizing this technology.
One of the most recognizable social media platforms has begun testing the implementation of non-fungible tokens. The idea is to give Internet users the ability to set NFT as their profile picture. It is clear that Reddit wants to follow in the footsteps of Twitter, where users have been able to use such a feature for a week now.
NFT as a profile picture
Reddit hasn’t revealed too many details – The NFT experiment is still in its early stages to be able to say anything certain about its future. For now, users can’t yet use non-fungible tokens as profile pictures.
A spokesperson for Reddit, Tim Rathschmidt, stated that this was a non-committal test conducted internally. No decision has been made yet on whether to introduce the new feature.
Snoos and Alien NFT Collections
This isn’t the first time Reddit has grappled with the idea of using NFT for self-promotional purposes. The company released the Snoos collection some time ago, which caused mixed feelings among Internet users. A significant number of users of the service are not favorably disposed to cryptocurrencies. Thus, there was no shortage of criticism in the comments.
Reddit is also in possession of a test collection of Alien NFT on OpenSea. However, so far, it has not put it up for sale.
NFTs on social media
Following the wave of interest in NFTs, which we are currently witnessing, other Popular social media platforms are also considering the possibility of using this technology.
YouTube is worth mentioning here. On January 25, 2022, the company published an open letter signed by Susan Wojcicki, YouTube’s CEO, in which she mentioned the company’s constant efforts to expand the platform’s ecosystem. Part of that effort is to incorporate new technologies that could prove useful to content broadcasters. Among the examples of improvements mentioned were non-fungible tokens.
NFTs grow stronger despite the downturn
Since the beginning of January, there has been a 25% plunge in the cryptocurrency market so far. The ongoing trend, referred to by many commentators as a bull market, is a stark contrast to the increased interest in non-fungible tokens. The NFT ecosystem is expanding at a staggering rate. Statistics released by analytics firm Nonfungible show that weekly NFT secondary sales have reached $608 million. That’s twice as much as in the last week of December.