Illustration by Alex Castro / The Verge
The NFT boom of the past couple years appears to be conclusively over for average consumers. For big social networks, though, it appears that the work is just getting started.
The latest platform to embrace non-fungible tokens is Reddit, which on Thursday announced the arrival of “blockchain-backed collectible avatars” — unique profile pictures from artists riffing on Reddit’s “Snoo” alien mascot, giving purchasers the right to use them on and off the site. The avatars can be purchased only with fiat currency; Reddit takes a 5 percent cut of each transaction.
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Reddit’s announcement takes pains never to refer to these avatars as NFTs
In a sign of how badly damaged the crypto brand has become, Reddit’s announcement takes pains never to…
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