Reddit’s Polygon based NFTs are the latest crypto move by one of the largest social media platforms. Reddit will launch a new Collectibles Avatar Marketplace in the coming weeks. It leverages non-fungible tokens ( NFTs), and is hosted on Polygon’s blockchain.
Reddit is home to many forums and online communities. The website will work with independent artists to create unique avatars that Reddit users may purchase for a fixed price. They can also customize their avatars with gear. Creators get a cut of the sales.
Apart from the flex, these avatars give their owners the right to use the artwork anywhere Reddit allows.
According to the press release, profiles with Collectable Avatars as their profile images will have a glow-like effect in the comments section.
Collectable avatars can only be purchased in local currencies like U.S. Dollars. At the moment, there is no crypto option. They cannot be sold on secondary markets like OpenSea.
The company stated that blockchain is a way to empower and instill more independence in communities on Reddit. “Blockchain-backed Collectible Avatars is one of the first steps we’re taking in order to test the potential benefits this concept on Reddit.”
According to Polygon’s press release, the marketplace was built around Polygon blockchain because of its low-cost transactions as well as sustainability commitments.
Reddit will launch an Ethereum-compatible wallet, the Vault, in addition to the Polygon marketplace.
A forum was launched by the website. It will allow users early access to new services and enable them to set up digital wallets.
At the time of writing, there is only one 80s-esque commercial , which promotes avatars in retro toy commercials and states that initially there will be 87 avatars.
Reddit’s latest news on crypto experimentation is today’s news.
Two years ago, the company introduced an Avatar Builder that allowed users to create their own Snoo, Reddit’s alien-mascot nickname, and set it as their profile picture online.
They floated the idea of linking these Snoos with different NFTs in January. Reddit spokesperson said that the test was an internal one and that no decision has been made to expand or roll out the capability.
Reddit also added NFT features to avatars and launched a test run for a crypto powered version of its Community Points back December.
Reddit’s website states that “Community points are the first step toward a new future for online communities.” These tokens are owned by the community and live on the blockchain. Your community will enjoy greater control and independence over time–on and offline of Reddit.