Reddit, the popular social media platform, is auctioning off a small number of non-fungible tokens (NFTs) based on the Ethereum network.
The NFTs, dubbed “CryptoSnoos,” are a Reddit collection that depicts the site’s extraterrestrial mascot Snoo. Snoo began as a doodle, but after a few iterations, he became Reddit’s alien mascot. Three CryptoSnoos with the “Legendary” tag, which means one of a kind, are currently up for auction on Reddit.
Original Block, Helium, and Snooprematic are the three CryptoSnoos NFTs. NFTs are blockchain-based unique tokens that authenticate the uniqueness of digital commodities. The three NFTs are currently up for auction on the OpenSea NFT platform, and the auction will expire on July 1.
The Snoo caricature from Reddit is used to build the Original Block NFT. Because of its similarities to the original version of Snoo, it is associated with the early days of Reddit and its culture. According to social media giant, the Helium NFT is identified with the contemporary art movement because of its references to popular culture and ordinary blue and gleaming things. The Snooprematic NFT, on the other hand, is made up of geometric shapes like squares, circles, and rectangles that are coloured in a variety of ways.
The current highest offer for the Original Block NFT is one wrapped ether (wETH), which is worth around $1,900; the current best bid for Helium is 0.52 wETH ($1,000); and the current highest bid for Snooprematic is 0.58 wETH ($1,100). Reddit intends to offer more NFTs with the tags “Epic” and “Rare” in the future.
After all, was said and done, 22 distinct blockchain projects had filed proposals. The Ethereum Foundation then teamed with Reddit earlier this year to help expedite efforts on scaling and building the technology required to launch large-scale applications like Community Points on Ethereum.