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Reddit spokesperson Tim Rathschimdt said that the company is examining and investigating different possibilities to provide value to the subscribers of the site.
The most recent social media platform to hop on the Non-Fungible Token (NFT) bandwagon is Reddit. The American social news aggregation website has been experimenting with NFT profile photographs on its platform.
The news comes only a week after Twitter enforced an identical feature on its social media platform.
Presently, it has undertaken a new project involving the NFT profile picture implementation. This will allow subscribers and users to upload their profile picture to any Non-Fungible Token along with an attached image.
In a recent interview with TechCrunch on January 27th, Reddit spokesperson Tim Rathschimdt said that the company is examining and investigating different possibilities to provide value to the subscribers of the site. While Rathschmidt acknowledged the company’s experiments with NFT, he went on to notify that the tests were essentially internal and no concrete decisions have been made to explore it further as such.
Reddit has been exploring many ideas around the NFT space for a while now, starting from setting up a page especially for actions related to the NFT space, like the nft.reddit.com. Presently, it targets discussions on CryptoSnoos, which is the site’s native digital collectible.
A couple of days ago, an app developer shared a poster from Reddit advertising the feature, clearly hinting at the fact that the tests were way more advanced than what is currently known. Nima Owji, a developer, first identified the latest NFT test on Reddit. He saw a poster citing the project on Reddit’s web app. This emerged at the top of the main pages of Reddit’s communities, however, wasn’t visible to Reddit’s users.
Twitter also launched the NFT profile picture attribute on its platform the previous week. It is accessible to Twitter Blue subscribers on iOS. Nonetheless, Non-Fungible tokens have received significant criticism from the gaming community along with Web2 Developers recently. Interestingly, not even a day after the launch of the Twitter NFT feature, a Github contributor named ‘mcclure’ programmed and delivered a browser extension that spontaneously blocked Twitter accounts that use an NFT profile picture. The program, named NFTBlocker, restricts paying subscribers of the Twitter Blue for iOS service who attempt to upload an NFT as their profile picture.
Reddit was established in 2005 as a centralized community podium, organized with varied opinions. Commencing its operations with a seed fund of $100,000 from Y Combinator, the company is currently valued at $10 Billion with very recent funding of $410 Million. At present, Reddit enjoys a staggering monthly active user base of 430 Million people and more than 100,000 communities. The company has risen the ranks to become one of the most popular social networking sites around the globe.