Reddit auctions Ethereum NFTs on OpenSea

One of the popular social media platforms among the cryptocurrency community, Reddit, has announced the integration of Ethereum NFTs into the platform. The platform has already auctioned NFTs on the OpenSea marketplace.

Reddit will be joining the growing list of social media platforms switching towards the NFT sector. The growing popularity of NFTs and how they boost fan interaction has made them a target product for some of the leading social platforms, including Twitter and Instagram.

Reddit integrates Ethereum NFTs

Reddit has auctioned four NFTs on the OpenSea marketplace. OpenSea is the largest marketplace for NFTs, and it currently only lists Ethereum NFTs. Each of the four NFTs auctioned by Reddit on OpenSea features a customized Reddit logo. Users on Reddit can only use these four NFTs as avatars on the platform.

Reddit auctioned each NFT for $400,000. The owners of these NFTs can use them as profile pictures on the platform. Those who do not own these NFTs will continue using jpeg files as their profile pictures.

There are only four NFTs available compared to the millions of users on the social media platform. This hints that Reddit is getting started on NFTs, and it does not fully grasp how NFTs can be integrated to benefit the entire community.

However, this initiative could pave the way for other plans by Reddit to adopt NFTs on the platform. The platform could eventually allow users to use any form of verified NFT as profile pictures by linking the platform to other NFT marketplaces.

Social media platforms are adopting NFTs

Reddit is not the only social media platform moving toward the buzzing NFT sector. Twitter, Facebook and Instagram are also joining the trend, and they have plans to allow their users to interact more with NFTs.

Twitter is the leading social media platform for the crypto community. The platform allowed Twitter Blue users to feature verified NFTs as their profile pictures. While the move has been a success, it faces slight opposition from users who said that the feature was unnecessary. Elon Musk called the feature “annoying.”

Besides NFTs, Twitter has also integrated cryptocurrencies on the platform. Twitter allows users to tip their favourite creators using Bitcoin and Ethereum. The former CEO of Twitter, Jack Dorsey, is also a major supporter of Bitcoin.

The CEO of Facebook, Mark Zuckerberg, has also announced that Instagram will integrate NFTs into the platform. Zuckerberg did not give any in-depth details about the form in which NFTs will be made available on Instagram, but it could follow the footsteps of Twitter and permit users to showcase NFTs as their profile images.

Zuckerberg announced Instagram’s NFT plans at a conference in Texas. During the conference, Zuckerberg said that “over the next several months, the ability to bring some of your NFTs in, hopefully over time be able to mint things within that environment.” If Instagram launches an NFT marketplace, it could be one of the largest, given Meta’s user base.