Reddit jointly with Polygon launches the NFT marketplace

You can buy non-fungible tokens with a debit or credit card

07.07.2022 - 16:30

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What’s new? Reddit partnered with the blockchain Polygon to launch an NFT marketplace where users of the site can construct and buy non-fungible tokens to use as an avatar, including on third-party platforms. The company noted that you don't need a cryptocurrency wallet to buy NFTs: a credit or debit card is enough, and you can store tokens on your own Reddit wallet.

Information on the Techcrunch website

What is known about the project? Reddit representatives note that “tens of thousands” of tokens will be issued only in the early stages of the project. After the purchase, you can add various improvements to your avatar from a special website builder, such as a glow effect when displaying comments in discussions.

For now, tokens are only available to members of the r/CollectibleAvatars community, which can only be joined by invitation. The company collaborated with artists in the r/Comics, r/ProCreate and r/AdobeIllustrator communities to create the first collection. They will also receive payments for secondary NFT sales on other marketplaces such as OpenSea and Rarible. Buying collectible avatars will become available to other users in the coming days.

What is known about Polygon? It is a network of secure second-tier solutions and sidechains for scaling Ethereum and running decentralized applications (dApps), access to Web 3.0, DeFi and NFTs. In May 2022, Polygon had more than 19 000 dApps in operation. The network has a native MATIC token, and as of July 7 at 15:50 UTC, it is trading at $0,557, having added 7,82% in a day, according to Binance.

According to SimilarWeb, Reddit is the 20th most popular site in the world. Its average number of visits per month exceeds 1,5 billion.

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