Reddit's Polygon-based NFTs are just the latest crypto move from one of the Internet’s largest social platforms. In the coming weeks, Reddit will be launching a new Collectibles Avatar marketplace leveraging non-fungible tokens (NFTs) hosted on Polygon’s blockchain.
Home to countless forums and online communities, the website will partner with independent artists to create unique avatars that Reddit users can buy for a fixed price and customize with gear, yielding creators a slice of the sales. Aside from a flex, the purchase of these avatars gives owners a license to use the artwork on and off of Reddit.
Profiles with Collectable Avatars set as their profile image will also have a “glow-like effect” in the comment section, according to the press release.
However, Collectable Avatars will only be available for purchase using local currencies, such as U.S. dollars. There isn’t a crypto option at current, nor can they be auctioned off either on a secondary market like OpenSea.
“In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit,” the company 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.”
The marketplace is built around Polygon’s blockchain due to its low-cost transactions and sustainability commitments, according to the company’s press release.
Alongside the Polygon marketplace, Reddit will also launch an Ethereum-compatible wallet called a Vault.
The website launched a forum that will provide early access to the new services, enabling people to set up their digital wallets early.
As of this writing, only an 80s-esque commercial is visible, marketing the avatars in the style of a retro toy commercial and stating there will initially be 87 different avatars to choose from.
The company launched an Avatar Builder two years ago that enabled users to create a custom Snoo, the nickname given to Reddit’s alien mascot, which could be set as the profile picture for online accounts. Even though NFT profile images is a new blockchain project, Reddit says it wants to look into other ways to use the technology.
This news is published and verified by the NFT News media team.
