Reddit continues to develop NFT culture

Reddit continues to develop a culture of non-fungible tokens. Administrators are already fully transforming user profiles into platforms for collecting NFT cards. However, tokens have their own distinctive abilities. Non-fungible items have their own rating, abilities, and other traits.

On the one hand, this can be good, since the adoption of the NFT culture is in some way a step forward towards the acceptance of non-fungible tokens by the community. On the other hand, the site is already starting to gradually turn into a community where forum representatives are speculating and trying to make money.

The crypto community is already in full swing discussing the possibility of Reddit administrators continuing to issue new NFT cards and related collections. The reason for this was the recent display of trading cards for user profiles.

Reddit summed up the results of 2022, in which they showed how users used the platform. During this time, personalized comments have been added, which differ in that they have the greatest popularity in discussions on the forum. There is also a part in which users will be able to see the format of the trading card of their profiles. Their personal rating, which is based on the karma earned, will also be shown there.

Due to the similarity of the appearance of the trading profile in appearance with NFT cards, members of the cryptocurrency community believe that new collections of non-fungible items will appear on Reddit in the near future.

Such tokens can probably be used not only on the Reddit forum, but also outside of it. It is possible that there will also be an opportunity to interact with tokens on the relevant marketplaces. Such a hypothesis also did not appear out of the blue. One of the users was able to find a smart contract that confirms these hunches.

Considering all the rumors that go around NFT tokens on the Reddit site and the presence of a small amount of available information, the project administration will probably make a corresponding announcement towards the end of December.

Previously, the administration of Reddit has already shown interest in the direction of NFT tokens and the cryptocurrency industry as a whole. Recently, the number of NFT cards that can be put on an avatar has grown significantly. On December 3rd, the mintage of avatars surpassed all early figures, surpassing the 255,000 mark. Now more than 4,000,000 owners of such tokens live on the forum. This confirms the theory regarding Reddit's move towards non-fungible tokens.

Continuing the topic of records on Reddit in the field of non-fungible tokens, it is worth noting that the most expensive avatar was sold for 30 Ethereum, which at the current exchange rate in dollar terms is almost $37,500. At the time of purchase, it cost the buyer ~$40,000.

During the period from September to December, avatars grew at an enviable rate. At the same time, the total volume of their trades has overcome the threshold of $11,700,000. More than 95,000 cases of buying and selling NFT tokens have been recorded. Thus, the average cost of avatars was $123.

The success of Reddit's NFT sector boom can be safely attributed to Pali Bhatt, Reddit's first Chief Product Officer. Bhatt praised the success of Reddit NFT avatars. Given the current position in the cryptocurrency market and the niche of non-fungible tokens, such successes stand out against the background of other NFT collections and the industry as a whole.

2022 turned out to be a difficult year not only for the cryptocurrency market, but also for the sector of non-fungible items. Total NFT trading volume has fallen by 92% compared to 2021, and many tokens purchased last year have lost over 90% in value.