Reddit Auctions CryptoSnoos on OpenSea Platform, Venturing into the NFT Craze

The crypto world continues to grow as another major internet site digitizes and shows the potential for NFT fun on its site.

Front Page of The Internet Joins Craze

The Reddit mascot has finally been turned into a Non-Fungible Token (NFT). The self-described front page of the internet has minted three different versions of their alien logo, Snoos, for the NFT marketplace OpenSea. The CryptoSnoos auction will end soon on June 30th.

On June 24th, Reddit’s Product Development Lead Peter Yang Tweeted for Redditors to check out the ‘experiment’ and called for the three “CryptoSnoos to Unite.” Reddit also promoted the sale with extra banners on their site. The team advertised the event as a ‘rare opportunity to own a piece of Reddit history.’ The rarity of NFTs and the popularity of Reddit make certain these NFTs will fetch a high price. 

Buyers will need to have a MetaMask wallet and must make their payment in WETH (Wrapped Ether). WETH is an ERC-20 token on the Ethereum blockchain. Users can find more details on the Reddit NFT page. The NFT page also informed potential buyers that they wanted to make the process as simple as possible. 

Three Different Aliens

The CryptoSnoos have been designed in three distinct styles. The first is titled Original Block and is a somewhat 3D pixelization of the original logo. The second is a more futuristic-looking blue alien dubbed Helium. And finally, the third is a more colorful graphic art depiction of the alien. 

Each NFT will come with a sticker in the top left to indicate its rarity. Those marked with a blue ‘Rare’ sticker are limited edition. The extremely limited editions will be labeled with a turquoise ‘Epic’ sticker. The most unique and one of a kind will receive the dripping yellow ‘Legendary’ mark seen below. At this time, only the three legendary NFTs are available. 

All three are modeled after the original logo created by Reddit co-founder Alexis Ohanian. Ohanian Tweeted about his excitement that his classroom doodle will become a massively popular NFT, reminding others of the company’s history and his own journey. 

Expensive Entertainment for Redditors

At the time of writing, the top bid is 10 WETH, or just over $21,000 USD for the Original Block Snoos. The other two NFTs have bids between 4-5 WETH. The Original Block is the bidders favorite at this time. Buyers will be able to convert the NFT to their Reddit avatar on either mobile or desktop to flaunt their purchase. 

The avatars fetch a much higher price than Reddit Gold and nearly all other Reddit virtual goods. These NFTs will be a much more valuable and unique piece of flair for the eventual buyers.  

Terms and Conditions

The Terms of Service express some limitations for usage to those who win the auction. Buyers are reminded that the NFTs are for entertainment purposes only and do not retain any commercialization ability.  Buyers are able to sell the NFT if they wish. But users on the website should be aware that the site can terminate the “Licensed Rights” to a CryptoSnoos for misbehaving on the site.

Will Reddit Continue to Embrace NFTs?

This could be only the beginning of Reddit’s NFT releases. As the team has provided a plan for less rare NFTs to be on the way, Redditors can expect more drops coming. The product team was mum before this release, but it is only natural for Reddit to bank on the value of their beloved extraterrestrial mascot. It’s possible even some Reddit poems and amateur art come from these new digital art pieces. The site is full of creativity, and Redditors should be excited for what is in store.

Source : bsc.news