Reddit launches an NFT marketplace: All you need to know

Reddit has launched its own NFT marketplace that allows users to buy blockchain-based profile pictures at a fixed rate. Reddit also mentioned that users would not need a crypto-wallet to store them. Redditors can buy these NFTs using credit or debit cards and use Reddit’s own wallet to store them.

In the early-access period, Reddit is releasing a total of 90 designs, and "tens of thousands" of NFTs will be made available. Their mission is to build a community where interested people can buy, sell, promote, and learn more about NFTs, share their own work, and most importantly, interact with other NFT traders.

New Reddit NFT marketplace: A detailed guide and overview of the upcoming marketplace and community

What is an NFT?

A non-fungible token (NFT) is a unique, individual token that resides on a blockchain like Ethereum. Unlike other cryptocurrencies like Bitcoin, each NFT token contains a unique set of data, which makes them non-fungible, i.e., the values of any two tokens are always different in some way. Also, the non-fungible nature of these tokens allows for some unique use cases when compared to their fungible counterparts.

Why buy NFTs?

Owners have the complete commercial copyright to use that particular NFT as an image and asset.
Each NFT is unique, and no two NFTs look exactly alike.
NFTs are like rare collectible items that have resale value.
NFTs are easily downloadable.
No one can change the metadata of an NFT.
Because the blockchain and data on it don't change, NFTs are permanent.
Most NFTs have good resale value, and owners often sell them for a profit.

How can you get started with NFT trading on Reddit?

Users are required to create an Ethereum (ETH) wallet, then add some Ethereum to it. Metamask.io is currently the most popular Ethereum wallet. You can use a crypto exchange like Binance or Coinbase to buy ETH.
Interested buyers have to log in with their Reddit account and join the subreddit r/NFTsMarketplace. They can then start buying NFTs from the Reddit NFT marketplace. There are also other popular NFT marketplaces, including Opensea, SuperRare, and Rarible.

A brief look at the Reddit NFT marketplace

Currently, interested buyers can buy NFTs from Reddit at fixed prices of $9.99, $24.99, $49.99, $74.99, and $99.99. They can even use the limited edition NFTs as their avatar on Reddit. Users can customize their Reddit avatar's appearance using the avatar builder with their NFT. When users with custom NFTs comment on Reddit, the custom avatar will be visible next to their comment.

This is not Reddit's first attempt at utilizing NFT avatars. The platform has been testing NFTs as profile pictures since 2021, when Twitter integrated a similar system into their own platform. At the time, Reddit released CryptoSnoos, a limited edition NFT collection inspired by its mascot, Snoo.

During the initial stages, the custom NFT avatars will only be available to members of an exclusive invite-only subreddit named r/CollectibleAvatars. Members of this subreddit will have access to behind-the-scenes news and will be able to participate in the NFT integration process.

Buyers can start using the Reddit NFT marketplace to buy NFTs today. However, it has not been fully implemented yet, and they will have to wait for a few more months to use all of the features.