Reddit, the social media platform with hundreds of millions of active users, is now jumping on the NFT and Blockchain hype train as they’ve launched Reddit Vault and Collectible Avatars. Reddit Vault is essentially Reddit’s digital wallet built on the blockchain where the NFTs that users buy are stored. Collectible Avatars are similar to the Avatars that are already there for users but are more unique and have certain perks.
The Collectible Avatars are limited edition NFTs that can be traded, sold, or used by Redditors and when they do get one, they get perks like a special profile and comment treatment. These are purchasable through the Avatar builder and can be customized with other accessories. Creators can also apply to be involved with this project to create these Avatars and earn from the sales.
The initiative has triggered a barrage of negative feedback
Now that was the basic objective information that users should know. However, let’s get down to a more critical and realistic view. We’ve already discussed the market crash and how it has negatively affected crypto and NFTs. And the spoiled image of NFTs is very much visible in an announcement post from one of the admins of the platform.
The replies are criticizing the move. It’s also weird how for some reason the term “NFT” was avoided in a lot of the information coming in from Reddit. According to one of the critics, “This feels like one of those things where in a few months there will be an update post where Reddit Admins are apologizing for ‘missing the mark’ and telling us ‘we hear you’ when they announce it’s going away. NFTs are cancer, even if you go out of your way to not say the word NFT.”
Now, possibly the project might hit the mark in some communities, especially those based around NFTs and Crypto. However, it’s going to be a tough ride considering how even those subreddits had to post suicide helpline numbers as a result of the insane crash.
What is your take on Vault, ie the newly acquired NFT and Blockchain-based service by Reddit? Do hit the comments section with your opinions.