Reddit in on the NFT Game

TGIF! Congrats on making it through another week! We have some top-notch stories to get you through the weekend. Let’s jump in!

For starters, Reddit is looking to launch an NFT avatar marketplace, AAVE is in the process of launching its own stablecoin, and now you can use layaway to get your hands on NFTs.

Today’s Topics:

• NFT profile pictures on Reddit

• Will AAVE have its own stablecoin?

• Buy your favorite NFT now, pay for it later

• Quick Links

Reddit Takes Another Step Toward NFTs

Reddit announced yesterday that it has plans to launch an NFT-based avatar market on its platform. Users can then set these images as their Reddit profile pictures. A crypto wallet isn’t required to purchase one of these NFTs; a debit or credit card will work just fine.

While the ownership rights of these images aren’t as extensive as the ones associated with popular NFTs like Bored Ape Yacht Club, you do have licensing rights to them. The popular forum is working with Polygon (MATIC) to mint the limited-edition NFTs.

Of course, this isn’t the first time Reddit has dabbled in NFTs. For starters, Reddit started looking at allowing users to set NFTs as their profile pictures. The platform also sold limited-edition NFTs of its Snoo icon last year as well.

The good news is that Reddit expects this to be the tip of the iceberg when it comes to NFTs and blockchain-related products for the platform. “In the future, we see blockchain as one way to bring more power and independence to communities on Reddit,” the company wrote.

We couldn’t agree more.

AAVE Considering Stablecoin

Speaking of community, AAVE’s decision to move forward on its own stablecoin has now moved to the platform’s DAO, which is its token holders. AAVE founder Stani Kulechov announced today via Twitter that the project will vote on a “decentralized, collateral-backed stablecoin, native to the AAVE ecosystem, known as GHO.” We assume that’s pronounced ‘Go.’

AAVE is a lending platform that runs on the Ethereum blockchain. Users can lend or borrow against digital currencies. The platform, which has a TVL (total value locked) of $6.6 billion, says that the stablecoin will be backed by “a diversified set of crypto assets.”

Under the proposal, GHO will fall under the umbrella of a decentralized and collateralized token. Think of it along the same lines as MKR, which is the collateral used against MakerDAO’s DAI tokens. Going this route will help mitigate risks associated with decentralization.

Say what? A decentralized project talking about lowering risk? It’s still 2022, right?

Can’t Afford NFTs? Teller Can Help

Have you had your eye on a Bored Ape but just can’t swing the cash to pay for it? That’s no longer an issue with the help of Teller. The Polygon-based service appropriately dubbed “Ape Now, Pay Later” offers crypto enthusiasts a way to purchase blue chip NFTs and pay them off through a loan provided by Teller.

CEO and founder of Teller Ryan Berkun says his platform is filling a need in the industry. Teller gives buyers a way to own an NFT by paying for it over time - which is huge given that a Bored Ape NFT will run you around $104,000.

The idea is to make buying NFTs similar to purchasing something with a credit card. With this type of service, the Web3 market can continue to mature and grow and move away from a market that’s viewed as risky and volatile. Plus, the buy now, pay later model can be used for other genres like music and games.

In the words of Berkun, “NFTs is one of the core things Web3 consumers want to do right now. Buy now, pay later is a no-brainer.”

We agree.

Quick Headlines

More layoffs - Compass Mining, one of the market’s largest crypto mining companies, announces it will reduce staff by 15%.

Stacking up - We’ve talked about the blockchain phones from HTC, Solana, and Polygon. Here’s how they compare.

A little bit louder now - Blockchain projects are looking at new ways to bring decentralization to the music industry.

California SOL - A class action lawsuit in California is targeting Solana for drawing illegal profits.

Cashing in - Argo Blockchain becomes the latest crypto mining company to cash in its Bitcoin holdings to pay off debt.

Who’s up for a ride? - Elon Musk announces that customers can pay for a Loop ride with The Boring Company using Dogecoin.

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Disclosure: We are a newsletter for information only. We are not financial advisors nor do we claim to be. Consult your legal, investment or tax advisor. Crypto is risky. Do you own research.