Social media platforms Reddit and Facebook are rolling out NFT support. Reddit launched an NFT avatar marketplace on Polygon (MATIC), and Facebook is allowing creators to display Ethereum (ETH) and Polygon NFTs in their profiles, similar to what Instagram released in May.
NFTs have been declared dead multiple times since the bear market began, and it's likely that Reddit and Meta planned their NFT projects long before the market turned.
In a nod to the falling popularity of NFTs, Reddit is refusing to say "NFT" in the marketing for its NFT marketplace. Reddit is calling its NFTs "collectible avatars" that happen to be on the blockchain. Reddit is also foregoing the normal NFT sales models: you can only buy these NFTs with fiat, and they have fixed prices: $9.99, $24.99, $49.99, $74.99, and $99.99. There are no auctions.
Reddit is launching with 90 initial designs and plans to sell "tens of thousands" of these avatars, according to their press release. NFT owners can then use Reddit's avatar builder to personalize their avatars.
Reddit NFT avatar owners have the right to display their avatars on Reddit and other social media, but they won't retain commercial rights to their NFT, like Bored Ape owners. Reddit has its own wallet for storing the NFT avatars.
Meta is rolling out a pilot program for NFTs on Facebook. Users will be able to display their NFTs on a "digital collectibles" tab in their Facebook profiles. Facebook is expected to support Ethereum and Polygon NFTs now, with Flow (FLOW) and Solana (SOL) support in development.