American social media platform Reddit has launched a new blockchain-based marketplace and a collection of collectible avatars. They can be used as profile pictures and purchased for a fixed price ranging from $9.99 to $99.99.
“In this series, Collectible Avatars are limited-edition avatars made by independent artists, in partnership with Reddit, and provide owners with unique benefits on the Reddit platform.
If someone sets their Collectible Avatar as their avatar on Reddit, they can mix-and-match the avatar gear with other Reddit avatar gear and accessories, and their profile image in comments sections will have a glow-like effect,” the company said in a blog.
Reddit’s foray into the NFT space came in January when it announced the testing of a feature that allowed users to use their NFTs as profile pictures. Twitter had launched a similar feature a week before Reddit did it.
Reddit’s Collectible Avatars
These collectible avatars will be minted on Ethereum-compatible blockchain network Polygon, Sandeep Nailwal, CEO and co-founder of Polygon, announced in a tweet.
Reddit said it chose Polygon for its lower transaction costs and commitment to sustainability issues.
Buyers can use debit or credit cards to pay for the avatars in fiat. They can use Reddit’s blockchain-based wallet – Vault, available on Reddit App – to store and manage the collectibles.
The owners of these collectible avatars will have a license to use them on other online platforms. But the rights will not be as extensive as in the case of Yuga Lab’s Bored Ape Yacht Club (BAYC) NFT collection, which allows the cartoon characters to be used, for example, in products and TV shows.
Created by Independent Artists
“Designed by some of Reddit’s most passionate visual artists, new, limited-edition Collectible Avatars will soon be available for purchase in the Reddit Avatar Builder, with proceeds going to artists who design them,” the company said.
These artists will earn a royalty if these digital assets open up for secondary market trading on other platforms.
A glow-like effect on the profile image and customization of these avatars on Avatar Builder with available gear and accessories are some of the special features at the moment.
More in the Pipeline
Reddit plans to introduce more blockchain-based technologies and features into the platform and called the collectible avatars as early steps to such integrations, media reports said.
“Blockchain-backed Collectible Avatars are one of the early steps we’re taking to test out the potential benefits of this concept on Reddit,” it said.
In February, Reddit co-founder Alexis Ohanian raised $500 million for his VC firm 776 Management LLC, which he intends to invest primarily in crypto startups.
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