Reddit Launches NFT-Collectible Avatars

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00:00welcome back to decentralized news so just a quick update reddit is said to have launched more nft

00:10avatars but they won't be calling them nfts this time around so they're calling these collectible

00:18avatars they announced that they will be selling the avatars which are artist variations on the

00:25reddit's new figure that users can actually customize and amusingly reddit's announcement

00:33carefully doge is describing these collectibles as nfts instead choosing to use the term collectible

00:41avatars that are backed by blockchain technology and despite all of this the avatars are indeed nfts

00:48of course created on the polygon blockchain though users will be able to buy them

00:54with plain fiat so this is not reddit's first foray into nfts the platform did launch one of

01:03one cryptos new nfts in june last year which allowed the four holders to display the nfts on their

01:11profile the collectible avatars appear to be an attempt to open the same functionality to a broader

01:18group of redditors while simultaneously appearing to try to sidestep the more negative sentiment around

01:26nfts that has developed since their last project so this is uh kind of again seeing another major

01:34social media giant starting to incorporate nfts or non-fungible tokens as part of what they offer on

01:45their platforms which is i guess you know another step as far as just trying to find what the real

01:53utility around nfts is going to be and where the value around those uh nfts will be derived from i think

02:04you know this is just a good um again step ahead as far as we've heard meta uh incorporating nfts

02:12with uh instagram uh doing the same of course which is uh a meta company and a whole bunch of other

02:20uh social media giants like twitter doing things around our blockchain etc this is uh only the

02:27beginning and i think with uh some of these uh uh sort of giants and leaders in the space of

02:34communications and kind of uh social forums etc adopting the technology first it will just be i

02:44think an advantage for the whole sector overall as we see more uh vehicles start to adopt the technology

02:51as we go forward let me know what your thoughts about uh this uh subject are and don't forget to

02:56check out the links in the description like share subscribe turn on that notification bell i will see you

03:02guys in the next video peace

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