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 can be purchased for a fixed price ranging from $9.99 to $99.99.
“In this series, collectible avatars are limited-edition avatars created by independent artists in partnership with Reddit, and provide unique benefits to owners on the Reddit platform.
If someone sets their collectible avatar as their avatar on Reddit, they can mix Avatar Gear with other Reddit avatar gear and accessories, and their profile image in the comments sections will have a glow-like effect,” the company said. Said a blog.
Reddit’s foray into the NFT space came in January when it announced testing of a feature that allowed users to use their NFTs as profile pictures. Twitter also launched a similar feature a week before Reddit did the same.
Reddit’s collectible avatars
These collectible avatars will be molded on the Ethereum-compatible blockchain network Polygon, Sandeep Nelwal, CEO and Co-Founder of Polygon. announced In a tweet.
Reddit said it chose Polygon for its low transaction costs and commitment to sustainability issues.
Buyers can use a debit or credit card to pay for Avatars in Fiat. They can use Vault, Reddit’s blockchain-based wallet – available on the Reddit app – to store and manage 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 widespread as in the case of Yuga Lab’s Bored Ape Yacht Club (BAYC) NFT collection, which allows 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, the new, limited edition collectible avatars will soon be available for purchase in the Reddit Avatar Builder, going to the artists who designed them,” the company said.
These artists will earn royalties if these digital assets open for secondary market trading on other platforms.
Glow effect on profile image and customization of these avatars with gear and accessories available on Avatar Builder are some of the special features at the moment.
more in the pipeline
Media reports state that Reddit plans to introduce more blockchain-based technologies and features into the platform and called collectible avatars an early step towards such integration.
“The blockchain-backed collectible avatar is one of the early steps to test 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.
PrimeXBT Special Offer: Use this link to register and enter code POTATO50 to get up to $7,000 on your deposit.