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Reddit is auctioning three NFTs tokens powered by the ethereum blockchain

Reddit social networks giant is auctioning a very limited number of Non Fungible tokens (NFT) built on the Ethereum blockchain.

The tokens are called "CryptoSnoos NFTs" and feature the famous alien mascot of the social media site. The Block was first to report."Take advantage of this rare opportunity to own a piece of Reddit history-snag a CryptoSnoo NFT," the website said.

All files associated with CryptoSnoos NFT are hosted using the Interplanetary File System (IPFS). CryptoSnoo NFT can be divided into three tiers: Legendary, Epic, and Rare. There are currently 3 NFTs officially launched and new CryptoSnoo collections will be announced and auctioned in the next few weeks.

CryptoSnoos

Dubbed CryptoSnoos, the three NFTs currently listed for sale were minted on June 17 and are listed for auction on the OpenSea platform. "Original Block," "Helium," and "Snoopermatic" — the artworks the NFTs point to — are all based on the original Reddit logo drawn by Reddit co-founder Alexis Ohanian in 2005.

Reddit says that when someone buys Cryptosnoo NFT and connects it with his Reddit account, the image of Cryptosnoo will become its Reddit avatar, and the NFT collection card will appear in its profile.  In addition, they will also receive an animated glow in their comments to let everyone know that they are the owner of Cryptosnoo NFT. The owners will also be able to sell their NFT to someone else if they want.

According to Reddit, Original Block is inspired by Reddit's characteristic Snoo caricature. Helium, meanwhile, is associated with the "contemporary art movement" and "everyday objects that are blue and sparkle." Snooprematic is influenced by a "geometric vocabulary."

The three CryptoSnoos currently listed for sale are "owned by Reddit," so presumably any profits from the sale will be split in some way between Reddit and OpenSea. (OpenSea typically takes a 2.5 percent cut of sales, though it's not clear if that agreement applies to CryptoSnoos.)

Notably, purchasing a CryptoSnoo NFT means a very specific thing. According to Reddit's NFT terms of service, that thing is entertainment.

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