According to media reports, the world’s largest social network Reddit has completed the early stages of integrating NFT on its platform. Auctioning of four NFT works was completed at $ 400,000 each, as reported by TrustNodes.
Going by the name of Cryptosnooze, this collection of NFT features the contrasting movements of alien mascot Snoo based on different situations in art history. Experts reveal that the NFTs that were auctioned on Reddit are fragmented, impressionistic, and abstracted and have the potential to endear themselves to futuristic and postmodern art lovers.
Presently customizing the avatars won’t be available for Reddit users, even for the four auctioned NFTs. Instead of doing that, Metamask helps users conduct their NFT art assessments with their given choice of NFT or Jpeg. The scarcity of NFTs has led to the fast auctioning of these highly anticipated art forms. It is seen as a decisive step in major social media networks embracing the monetization of NFTs.
The integration has taken place for quite a few reasons, with the number one being that the platform is trying to incorporate more prominent designs compared to the old ones.
However, market experts also pointed out that there are risks to making the address of Ethereum users visible to the public. It is a privacy concern as the value and nature of the transactions of an individual can be easily tracked on public domains.
Platforms like OpenSea eliminate this problem as they only display the individual’s blockchain address through the parameters of username and account. This outstanding privacy attribute should be adopted by Reddit as soon as possible. On the heels of Reddit, Twitter is also engaging in policy changes to bring NFT auctioning to its platform.