Reddit is betting big on the future with NFTs.
Two years after the launch of Avatar Builder, a signature feature of Reddit, the leading social community has evolved these Snoos into the following significant ambition – non-fungible token (NFT).
In a blog posted recently, Reddit announced its coming release of limited-edition Collectible Avatars on the Polygon blockchain. The NFT collectibles were created in collaboration with various independent artists.
Avatars’ owners will be granted access to unique advantages on the Reddit platform. Users who own Collectible Avatar can set it as Reddit’s avatar.
This ownership allows them to customize their avatar’s outfit, gears, and accessories. More interestingly, whenever Redditors leave a comment for subreddits, their profile image will come with “a glow-life effect.”
Reddit NFT Avatars Are Here!
It looks like Collectible Avatars are a deluxe version of the free and premium-account avatars available on the platform. The biggest difference is the ownership.
Purchasers are allowed to use the art outside of the Reddit platform. Suppose that a purchaser wants to sell merchandise featuring the Collectible Avatar he has bought, he can do that.
The team outlined the role of blockchain in the future of DeFi communities:
“In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit. Reddit has always been a model for what decentralization could look like online; our communities are self-built and run, and as part of our mission to better empower our communities, we are exploring tools to help them be even more self-sustaining and self-governed.
Blockchain-backed Collectible Avatars are one of the early steps we’re taking to test out the potential benefits of this concept on Reddit.”
Coming Very Soon
Reddit will drop the NFTs in the coming weeks. In the meantime, the first-look early access is made available for only a select number of users in the r/CollectibleAvatars community.
First-look early access offers a couple of information and guides such as steps to purchase Collectible Avatars, how to store them, AMAs, artists’ backgrounds, and many more.
Purchase on Collectible Avatars will be available at the same area where Redditors build their avatars.
Users can purchase the NFTs using local currencies (like the U.S. dollar). It’s worth noting that no cryptocurrency payments will be accepted, and Reddit has no plans to auction off the collectibles.
After the purchase, the owner can make it an avatar or begin mixing and matching gears to make it even more unique.
Redditors will store and manage Collectible Avatars in their blockchain-powered Vaults. Users are assigned a one-of-a-kind digital wallet address that is compatible with all Ethereum blockchains. This is the same Vault where Redditors keep their Community Points.
Redditors helped to empower the artist community by purchasing a Collectible Avatar. These NFTs can be bought rather than being free or available through Reddit Premium, and the artists who created them can get earnings for each one.
NFTs and Web3 Game Stays Strong
Despite the market turmoil and scandalous events, NFT, Marketplaces and Web3 related companies seem on track. These spaces’ performance has gone beyond expectation and prediction of an early explosion.
According to DappRadar’s Q2/2022 Industry Report, NFTs are successfully coping with the tough time without being significantly impacted by it.
Although it cannot be compared to the prosperous year 2021, which marked the peak of the hype, the trend for NFTs stays bullish from one year to the next. Compared to Q2/2021, this Q2’s overall trading volume has surged by 533% while sales have increased by 59%.
In terms of Ethereum NFTs, the trading volume dropped by over 40% during the second quarter of this year, compared to the first quarter. However, the total sales increased by 2% during the same period. In a word, there’s still untapped potential for the demand for NFTs.