Users have spotted a new Reddit feature similar to the Twitter NFT profile picture recently launched on Twitter.
The feature Owji found indicates that Reddit is working on making it possible for users to use their NFTs as their Reddit avatar.
Reddit – a platform that saw the term “cryptocurrency” take the first spot in its most discussed topics in 2021 – has been keen to explore affiliations with the blockchain space, testing ways to connect transactions with cryptocurrencies.
— Nima Owji (@nima_owji) January 21, 2022
Last month, Seven Seven Six, Reddit co-founder Alexis Ohanian’s venture capital firm, announced its partnership with Polygon, a protocol for building and connecting Ethereum-compatible blockchain networks.
The partnership is backing projects operating at the intersection of social media and Web 3.0 with a $200 million fund.
But the popular vote on blockchain technologies and the affiliation of leading Web 2 platforms with projects in the crypto space is still polarized to extremes.
For example, Twitter’s introduction of its NFT profile picture feature has been met with skepticism and criticism from users.
Users who take a stand against seeing more NFT-related features on their favorite social platforms generally dislike the speculative aspect of cryptocurrencies and don’t tend to share a belief in the value of images being speculated on, nor do they see use-value to the adoption of NFTs.
Incidents called “pump and dump” where speculators maliciously pump the price of their NFTs with the help of trusted friends, creating a false sense of value also add to the unpopular vote. More recent events exposed users and collectors to phishing scams that sucked their crypto wallets dry.
This happened during the January 20 launch of Ozzy Osbourne’s “CryptoBatz,” an NFT collection of 9,666 digital bats. In this case, the organizers inadvertently gave way for scammers to request supporters’ wallet details when they renamed the project’s official Twitter page and forgot to delete the previous account.
But aside from speculative price valuations on images that may unite a group’s cultural values into a community of like-minded followers and art collectors, NFTs offer multiple use cases, many of which have probably yet to be tapped.
From Fan Tokens to property deeds, NFTs offer exclusive access to experiences and rewards to their members that may transform many industries – and validated NFT profile pictures provide a way for members of such communities to express their affiliation with a project unquestionably.
In addition, the multiple uses of the integration of NFTs within the emerging Metaverse industry (estimated to hit $42 billion by 2026) brought billion-dollar companies like Nike, Adidas, Samsung, and Walmart, to begin exploring the creation of consumer experiences based on NFTs.