Reddit is jumping on the NFT bandwagon and has tested a feature that allows users add any NFT to their profile picture.
This move is similar to one Twitter launched less than a week earlier. It allowed paying subscribers to add and verify NFTs.
Reddit already owns its own Ethereum-based NFT collection, CryptoSnoos. It was released in limited quantities last year.
Profile Pic NFTs
This latest venture into non-fungible tokens was not fully disclosed. TechCrunch reported that Reddit said this NFT test was in its “very early stages” and hadn’t yet been made public.
Tim Rathschmidt (company spokesperson) stated that this was an internal test and that decisions have yet to make about rolling it out.
Reddit is always looking for ways to add value to users and communities. We are currently testing the ability for NFTs to be used as avatars (profile pictures) and to verify ownership.
Reddit isn’t the first NFT rodeo. It has been pushing its Snoos collection which has received mixed reactions. Reddit users are strongly anti-crypto and NFT, and they didn’t hesitate to unleash their rage in the replies.
Reddit also maintains a test collection on OpenSea of alien NFTs, but these were not available for sale according to the report.
YouTube, the video streaming company, has announced this week that it will enable NFTs for content creators. YouTube CEO Susan Wojcicki stated that her company was focused on helping creators capitalize on emerging technologies.
NFT Ecosystem Outlook
NFTs are growing despite the 25% market slump this year. Nonfungible, an industry analytics platform, reports that $608 million has been made in secondary sales weekly. This figure is twice that of December’s last week.
According to Cryptoslam, Azuki is the NFT collection of the week with $105,000,000 in seven-day sales volume.
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