Reddit Reportedly Testing NFT Profile Pic Functionality
Reddit, one of the largest micro-posting sites on the internet, is reportedly venturing further into the world of non-fungible tokens (NFTs). The company is testing a new functionality that allows users to set NFTs as pr...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Reddit, one of the largest micro-posting sites on the internet, is reportedly venturing further into the world of non-fungible tokens (NFTs). The company is testing a new functionality that allows users to set NFTs as profile pics, something Twitter is already doing now. Reddit released its own batch of NFTs, called Cryptosnoos, in June 2021, albeit via a limited release.
Reddit to Delve Further Into NFTsReddit, one of the leading micro-posting sites on the internet, is reportedly testing NFT-related functionality on its platform. According to Techcrunch, the company is testing a feature that will allow its users to set NFTs as profile pics on the platform. The announcement was made by Reddit spokesperson Tim Rathschmidt, who stated:
We’re always exploring ways to provide value for users and communities on Reddit. At the moment we’re testing the ability to use NFTs as profile pictures (avatars) and verify ownership.
Rathschmidt further stated that this is a small, internal test, and the company has still not taken a decision when it comes to the implementation of this functionality for the general userbase. Reddit follows the lead of another social media giant, Twitter, which launched a similar functionality recently, allowing verified users of the platform to set NFTs as their profile pictures and verify ownership of these assets.
Reddit’s Previous NFT MovesThe reported internal tests are actually not Reddit’s first foray into the world of NFTs. Last year, the company issued its own batch of non-fungible tokens called Cryptosnoos. Users that acquired these NFTs had profile picture functionality on Reddit, and the platform included perks for owners of these assets — some of which are now priced at over 100 ETH on Opensea. The new tests, however, would allow all kinds of NFTs to be used in the same way, with Reddit being less restrictive on the issue.
Reddit has also been open to the idea of cryptocurrency on its platform. The company launched a token beta program in December that would allow certain subreddits to get rewarded for their contributions in native tokens. These tokens would live on a blockchain using Arbitrum, the Ethereum L2 solution, as the base. The company did not comment regarding the network on which the NFTs included in the test were based.
What do you think about NFTs as profile pics for Reddit users? Tell us in the comments section below.
Why this matters
This nft story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin NewsRelated market context
NYSE-Listed AI Company Taps Lightning Network to Pay Employees In Bitcoin
Bitcoin Magazine NYSE-Listed AI Company Taps Lightning Network to Pay Employees In Bitcoin Publicly traded AI operating system Vid...
Coinbase reports delayed MultiversX transactions for some users
Coinbase's temporary transaction delays highlight the critical need for robust integration layers to ensure seamless crypto asset...
Why DeFi giant Aave is pulling the plug on six hyped blockchains making less than $5,000 a quarter
In a July 29 forum-stage proposal, Aave risk service provider LlamaRisk recommended winding down the decentralized lender’s V3 dep...
CleanCore’s $800M AI Contract Shows Dogecoin Treasury Firms Are Changing Shape
CleanCore Solutions has signed a 10-year colocation agreement with Cerebras Systems valued at $800 million, and the story is not j...
Solana Mobile allocates $27M in SKR tokens for Seeker Summer Round 2
Solana Mobile's strategy could enhance user retention and engagement, potentially increasing SKR's value and Solana-native app ado...
Biotech company asks shareholders to dilute stock by 951% to hoard illiquid crypto token instead of funding its own drug
Enlivex, a Nasdaq-listed biotechnology company, is asking shareholders to authorize up to $800 million of financing tied to the RA...