Buy Reddit NFTs – How to Buy Reddit NFTs for Beginners 2022
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Nearly every tech and social media company has jumped in on the NFT revolution – and Reddit isn’t left out either. In June 2021, Reddit unveiled limited CryptoSnoos NFTs and auctioned them on OpenSea. So, how can you own Reddit CryptoSnoos NFT?
This guide will explain how to buy Reddit NFTs, where to buy Reddit NFTs, and what Reddit CryptoSnoos are.
Table of Contents
#1 Broker to Buy Ethereum – eToro
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How to Buy Reddit NFTs – A Quick Guide for 2022
Before buying Reddit NFTs, you must first have sufficient ETH in your wallet. Here’s a quick guide on how to buy NFTs with eToro.
- Step 1: Open and Verify an Account with eToro – Go to etoro.com and register for a live account. To verify your account, you must provide proof of identity and proof of address documents.
- Step 2: Deposit funds – Deposit funds into your eToro live account through PayPal, Skrill, debit/credit card, Neteller, or direct bank transfer. When buying ETH, make sure you know the price of the NFT you intend to buy and the gas cost applicable; this ensures that you have sufficient ETH in your wallet. So, you should first browse the marketplace to find out how much Reddit NFTs cost.
- Step 3: Buy ETH required to buy NFTs on eToro – On your eToro dashboard, enter ‘ETH’ or ‘Ethereum’ in the search bar, and proceed to buy the amount of ETH you need to buy Reddit NFTs. Note that when you buy ETH, you should first transfer it to the eToro money wallet, from which you can transfer the ETH to any third-party crypto wallet.
67% of retail investor accounts lose money when trading CFDs with this provider.
- Step 4: Transfer the ETH to MetaMask – Download and install MetaMask on your browser, which shouldn’t take more than a couple of minutes. Then transfer the ETH in your eToro wallet to your MetaMask address.
- Step 5: Connect your MetaMask to an NFT marketplace & Buy the NFT – Use your MetaMask wallet to sign into the NFT marketplace of your choice. Once you sign into the marketplace, search for ‘Reddit CryptoSnoos.’ Proceed to buy or make an offer for the Reddit NFT you want.
What is a Reddit NFT?
Reddit NFTs are a limited number of CryptoSnoos NFTs based on Ethereum and were released by Reddit in June 2021. “Snoo” is the primary inspiration behind the Reddit NFTs. “Snoo” is Reddit’s alien mascot – hence the name CryptoSnoos for Reddit NFTs.
As of January 2022, there are only four CryptoSnoos – Original Block, Helium, Snooprematic, and Stardust. These NFTs are from Reddit’s ‘First Ever Drop’ series, whose rarity is Legendary, 1/1. The Original Block, Helium, and Snooprematic were minted on June 17, while the Stardust NFT was minted on August 9, 2021.
The Reddit Original Block NFT has Reddit’s characteristic Snoo caricature – with pixelated eyes and smile and a black body outline. That’s why this NFT is associated with the formative years of Reddit.
On the other hand, the Helium CryptoSnoo NFT represents the contemporary art culture, while the Snooprematic NFT alludes to universal truths at the heart of all alien existence. The Stardust NFT draws its inspiration from the energetic and dazzling visuals of disco music and club culture – it represents a pathway to unlocking a more emboldened version of oneself.
Music NFTs are the future of music. NFT marketplaces provide a safe space for artists to showcase their music NFTs and NFT art, grow their following, and make money while doing what they love!
The Legendary edition CryptoSnoos are unique and one of a kind. Reddit intends to release more NFTs for the ‘Epic’ and ‘Rare’ editions in the future. The ‘Epic’ NFTs will be in an extremely limited edition, while the ‘Rare’ Reddit NFTs will be limited edition.
When you buy a CryptoSnoo, it automatically connects to your Reddit account, and you can use it as your Avatar. You will also receive an animated glow signaling to everyone that you are the owner of that particular CryptoSnoo.
Where to Buy Reddit NFTs – Mini Marketplace Reviews
Reddit NFTs are of ERC-721 standard, which means that you can buy them on most Ethereum and cross-chain NFT marketplaces.
Although Reddit NFTs are only available on OpenSea, theoretically, the owners can list them for trading on other Ethereum-based or cross-chain NFT marketplaces. That means as more Reddit NFTs are issued, we can expect multiple listings on multiple marketplaces.
Note that owners of Reddit NFTs or any other ERC-721 or ERC-1155 NFT can list them for sale on multiple marketplaces if they so wish.
Typically, the procedure for buying Reddit NFTs is fairly the same across multiple marketplaces. The only difference is that some marketplaces only allow payment with crypto, and others allow transactions in both crypto and fiat.
Below is a list of the best NFT trading platforms where you can buy Reddit NFTs:
1. OpenSea – The Best Marketplace to Buy Reddit NFTs
When Reddit minted the CryptoSnoos NFTs, they were originally on auction on OpenSea. Launched in 2017, OpenSea is the largest NFT marketplace in trading volume. Although it was built on Ethereum, it is a cross-chain NFT marketplace supporting Ethereum, Polygon, and Klaytn.
Thanks to this, users can buy Reddit NFTs using different wallets – as of this publication, OpenSea supports 13 wallets, including mobile wallets such as Trust and OperaTouch, and KYC-compliant wallets like Coinbase wallet. However, note that MetaMask is by far the most convenient wallet.
You can buy Reddit NFTs on OpenSea, at auction, or at a fixed price. Typically, buyers pay the gas fees when purchasing fixed-price items on OpenSea. However, purchasing NFTs through Polygon is gas-free; you’ll only have to pay gas fees when you transfer ETH to the Polygon network. But for now, Reddit NFTs can only be bought on the Ethereum blockchain.
If you intend to invest in NFTs at auction, you must have WETH (Wrapped ETH) in your wallet to initiate a bid. You can easily convert the ETH in your wallet to WETH on OpenSea – the value of WETH is similar to that of ETH.
Each subsequent bid must be at least 5% higher than the previous bid, and if an auction completes above 1 ETH, OpenSea will pay for the transaction’s gas fees. This is the only way buyers can get a reprieve from paying the gas fess.
Pros
- Has a mobile app
- A flat commission of 2.5% for all transactions
- Cross-chain NFT platform
Cons
- Only accepts crypto payments
- Gas fees are passed on to the buyers
67% of retail investor accounts lose money when trading CFDs with this provider.
2. LooksRare – The Fastest Growing NFT Marketplace
LooksRare is a community-first NFT marketplace built on Ethereum and actively rewards traders, collectors, and creators for participating. It was launched on January 10, 2022, and in less than a month, it has accumulated a trading volume of over $14 billion.
Notably, LooksRare’s launch is widely regarded as a vampire attack on OpenSea. That’s because they airdropped active OpenSea users the LOOKS token – LooksRare native token – hoping to attract them onto its marketplace. And this strategy may have worked – in less than a month, it has attracted more than 32K users.
The fascinating feature on LooksRare is that the marketplace indexes all NFT collections on the Ethereum blockchain, allowing users to trade all Ethereum-based NFTs listed on OpenSea – including Reddit NFTs. More so, the platform charges a constant 2% trading fee, which is considerably lower than other marketplaces. And since it’s a community-first NFT marketplace, all the trading commission received goes to LOOKS stakers.
LooksRare’s short-term success to how the platform incentivizes NFT swap volume on its marketplace, akin to liquidity mining for NFTs. Anyone buying or selling any NFT on the platform is eligible for a trading reward in LOOKS at the end of each day. These rewards significantly contributed to the rapid increase in the volume traded on the marketplace, especially considering that LooksRare has a little over 32k active users at the time of this writing, compared to over 1.2 million on OpenSea.
While some might argue that such trading rewards encourage wash trading, LooksRare has taken precautions to ensure wash trading won’t be profitable. That’s because the 2% trading fees and royalties of up to 10% will eat into any perceived gains.
Pros
- Users can buy NFTs with WETH, reducing the gas fees significantly
- Rewards users with LOOKS token
- Comparatively lower fees of 2%
- Indexes all Ethereum-based NFTs from other marketplaces
Cons
- No mobile app
- No fiat transactions
67% of retail investor accounts lose money when trading CFDs with this provider.
3. Rarible – a Multichain NFT Marketplace
Rarible is a multichain NFT marketplace built on Ethereum but currently supports NFT minting and trading on Flow, Tezos, and Ethereum. It was launched in November 2019 as an open marketplace where anyone can mint and put up their NFTs for sale.
And as we mentioned before, Reddit NFTs are only listed on OpenSea; however, since they are of Ethereum’s ERC-721 standard, the owners can list them on Rarible. since Reddit plans to issue more NFTs in the near future, higher chances are, you’ll see some of them listed here.
The marketplace is intuitive and designed for ease of use, especially for buyers. Users can turn on the verified-only display to view NFTs from verified creators and collectors, which helps filter out parody NFTs.
One feature that makes Rarible stand out is the multichain messenger that allows users to chat privately with collectors, artists, and creators directly on Rarible. This means that users can negotiate for any NFT they want without ever leaving the marketplace.
In terms of payment options, Rarible is one of the few NFT marketplaces to offer crypto and fiat transactions. Users can choose from six Ethereum-compatible wallets or pay with fiat currencies via Apple Pay or credit/debit cards. This option is especially convenient for users who do not mind going through the KYC-verification process and paying an extra 4% exchange provider fees.
Note that you must sign in to Rarible with MetaMask first. Generally, the process of buying NFTs on Rarible is similar for both fiat and crypto. However, select the “Pay with VISA” tab during checkout and complete your purchase. After your payment is processed, your NFT will appear in your MetaMask. Note that the option to pay with Apple Pay is only available when buying Rarible NFTs at an auction.
Pros
- Multichain messenger
- Accepts fiat transactions on debit/credit card and Apple Pay
Cons
- High gas costs
- No mobile app
67% of retail investor accounts lose money when trading CFDs with this provider.
4. NFTrade – The NFT Marketplace Aggregator
NFTrade was launched in November 2021. It is a cross-chain NFT marketplace that aggregates all NFT marketplaces, hosting the entire activity history of NFTs on a single platform. Therefore, buyers don’t necessarily have to jump from one NFT marketplace to another looking for different NFTs.
And given that NFTrade is multichain and blockchain-agnostic, buyers will have plenty to choose from. Currently, the marketplace supports Ethereum, BSC, Moonriver, Polygon, and Avalanche blockchains.
The NFT aggregator makes the entire NFT market more accessible since NFTs are typically launched on various platforms, but thanks to open source technology and decentralized ledgers, they can all be accessed on NFTrade. Let’s put this into perspective. Most NFT marketplaces are Ethereum-based or BSC-based.
Therefore, it’s impossible to find those with a cross-chain of Ethereum and BSC, which means that if you have to buy BSC-compatible NFTs, you must do so from BSC-based marketplaces; the same goes for ERC-721 and ERC-1155 NFTs, which you can only buy from Ethereum-based marketplaces. But with NFTrade, you can access all of them under one platform.
Another innovative feature on NFTrade is the Social Feature, whose functionality is similar to traditional social media. Here, buyers, sellers, and collectors can interact and form a community – the possibilities are limitless. This feature complements the platform’s Escrowed P2P Swaps.
With the P2P swaps, you can seamlessly exchange NFTs directly with other collectors on the platform. More so, these swaps are off-chain, meaning that they do not attract any transaction fees.
Ideally, the swap feature could benefit in-game NFTs the most since players could easily swap their NFTs instead of buying them. However, the same principle also works with collectors.
Say, for example, you want to buy a Reddit NFT, and you don’t have the funds for the purchase, but you have an NFT whose price is close to that of the Reddit NFT you want. In this case, you simply contact the current owner of the Reddit CryptoSnoo you want and offer a swap. It’s that simple!
Pros
- Zero transaction fees
- NFT farming
- Allows P2P NFT swapping
- It’s DAO-governed
Cons
- Doesn’t support fiat transactions
- Has no mobile app
67% of retail investor accounts lose money when trading CFDs with this provider.
Benefits of Buying Reddit NFTs
A skeptic could accurately observe the current saturation in the NFT market, with almost every corporation, crypto enthusiast, and artist minting NFTs, which begs the question: why should you buy Reddit NFTs?
Rarity & Exclusivity
Reddit NFTs are of three categories – Legendary, Epic, and Rare. The current NFTs are from Reddit’s ‘First Ever Drop’ series and are Legendary, meaning they are unique 1-of-1 collectibles.
Down the line, Reddit plans to issue Epic NFTs of extremely limited edition and Rare NFTs that will be limited edition NFTs. This alone sets Reddit NFTs apart.
But if that’s not convincing enough, then Reddit’s name recognition should – these aren’t just some obscure NFTs. Reddit needs no introduction – as a giant in the media and entertainment industry, owning Reddit NFTs comes with the privilege of verified name recognition from a world-class brand.
The confusion about NFTs and their limited time exclusivity is something that new investors might not fully understand. Thus, it’s important for them to know what NFT tokens really mean and how they can be used for investment purposes.
Having NFTs explained to new investors will bring awareness to the importance and benefits that NFTs offer.
Utility
When you buy a Reddit NFT, you can display it as an avatar on your Reddit account. Although there are various ways, you can display your NFTs, including on the marketplace, displaying it as your Avatar gives you the bragging rights. All you simply need to do is visit the ‘NFT section’ of Reddit’s avatar builder, select the image of the Reddit CryptoSnoo that you own, then click on ‘Connect your Crypto Wallet’ to use it as Avatar.
Note that the CryptoSnoo NFT card will be the Avatar on your profile, and your comments and posts on Reddit will have your CryptoSnoo avatar with a glow animation. Although some may dismiss this Utility as Reddit NFTs being glorified avatars, the trend is catching on.
Twitter adopted a similar trend where users can connect their crypto wallets to their profile and use their NFTs as profile photos. In the long term, this is bound to increase the demand for prestigious NFTs such as Reddit NFTs.
How to Buy Reddit NFTs 2022 – Full Guide
We’ve seen that some NFT marketplaces allow users to transact with fiat currencies. But given the extra fees charged, the most convenient way to buy them is with crypto.
Below is our full guide on how to buy Reddit NFTs with eToro:
Step 1: Open and Verify an Account with eToro
Since you must have ETH in your wallet to buy Reddit NFTs, we recommend buying the ETH from eToro.
Go to eToro, click on the ‘Join Now’ tab at the top right of the homepage and proceed with the straightforward registration process. Afterward, you’ll have to verify your account by providing proof of identity documents (passport or national ID ) and proof of address documents (bank statement or utility bill).
Step 2: Deposit Funds
To deposit funds on eToro, go to the bottom left of your dashboard and click on the ‘Deposit Funds’ tab. With eToro, you can fund the live account through PayPal, Skrill, debit/credit card, Neteller, or direct bank transfer. Typically, all deposits on eToro are instant.
Quick sidebar – when you deposit funds into your eToro account, make sure you know the price of the NFT you intend to buy and the gas cost applicable; this ensures that you will buy sufficient ETH to cover all the costs. So, you should first browse the marketplace to find out how much Reddit NFTs cost.
Step 3: Purchase Ethereum required to buy NFTs on eToro
On your eToro dashboard, enter ‘ETH’ or ‘Ethereum’ in the search bar, and proceed to buy the amount of ETH you need to buy Reddit NFTs. Note that when you buy ETH, you should first transfer it to the eToro money wallet, from where you can transfer the ETH to any third-party crypto wallet.
67% of retail investor accounts lose money when trading CFDs with this provider.
Step 4: Transfer the ETH to MetaMask
NFT marketplaces are decentralized, so you are only required to sign in using your crypto wallet. Although several crypto wallets are allowed by different marketplaces, MetaMask is universal and convenient. Simply download and install MetaMask on your browser, which shouldn’t take more than a couple of minutes. Then transfer the ETH in your eToro wallet to your MetaMask address.
Step 5: Connect your MetaMask to OpenSea
As of this publication, Reddit NFTs are only available on OpenSea. Simply use your MetaMask wallet to sign into OpenSea, and search for ‘Reddit CryptoSnoos.’
Step 6: Buy the Reddit NFT
Once you log into the marketplace, search for ‘Reddit CryptoSnoos.’ As of this publication, there are only four Reddit NFTs available. Proceed to buy or make an offer for the NFT you want. Note that when you buy a Reddit NFT, you can use it as your Avatar on Reddit.
How to Buy Reddit NFTs – Conclusion
In early 2022, Reddit started exploring how to provide value for users and communities on the platform and began testing out non-fungible token (NFT) profile pictures. But that has not been the focus of this guide.
We have explained what Reddit NFTs are, discussed reasons why you should buy them, along with an in-depth guide of how to buy Reddit NFTs with eToro.
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FAQs
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