Reddit doesn't seem to freeze its Web3 initiatives as the social network has announced the launch of a new marketplace for collectible avatars made in the form of non-fungible tokens (NFT).
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Reddit says the marketplace will help independent artists showcase their art to their community and make it easy for them to earn money for their work. The company added that all the digital collectibles will be stored on the Polygon sidechain as this network has "low cost transactions and sustainability commitments."
The marketplace is expected to be launched in the coming weeks. Users could buy NFTs not only with cryptocurrencies, but also with fiat money and credit cards.
Reddit first teased plans for NFTs in January this year when a spokesperson for the company, Tim Rathschmidt, said that the social network was conducting a "small, internal test."
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