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Reddit launches new NFT avatar marketplace

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Reddit today launched a new NFT-based avatar marketplace where blockchain-based profile pictures can be purchased for a flat fee. The company said you don’t need to have a crypto wallet to buy them, so a credit or debit card will suffice and you can use Reddit’s own wallet product to store them.

The social network has released 90 designs and said the total number of NFTs for sale in this early access phase is “tens of thousands.”

The company says that purchasing one of its limited-edition NFTs will give you the license rights to use it as an avatar on and off Reddit. These rights are not as broad as owning an NFT. Bored Ape Yacht Club Collection by Yuga Labsallows you to create merchandise and TV shows based on the boring monkeys you own. Additionally, you can combine your avatar’s appearance with the goodies available at . avatar builderand avatars have a “light-like effect” next to community comments.

Image credit: reddit

This isn’t Reddit’s first rodeo with NFTs.Earlier this year, the company began testing the feature This allows you to set up any Ethereum based NFT As a profile picture — in a few weeks Twitter also released a similar featureLast year Reddit released a limited edition NFT based on its mascot Snoo. crypto snooze.

Reddit has partnered with Polygon, an Ethereum-compatible blockchain, to create these avatars on-chain. Reddit’s own blockchain wallet called Vault (available in the company’s native app) can be used to store and manage these NFTs.Vault is now used for blockchain-based earnings community points Spend them on special features like badges and animated emojis.

Today, NFT avatars will be available to members of r/Collectible Avatars The first look is an invite-only subreddit. The community includes behind-the-scenes posts about wallet setup details, exclusive artist AMAs, and one-off profile pics. Since there are no auctions, all her NFTs have a fixed price and can be purchased in fiat currencies such as USD. List prices for these NFT Avatars are $9.99, $24.99, $49.99, $74.99, or $99.99.The company said these collectible avatars will be available for purchase if you’re not part of its community. Avatar builder page for everyone in the coming weeks.

Image credit: reddit

The company has worked with artists. r/comics, r/ProCreate When r/adobe illustrator — for the first collection. Reddit pointed out that the artist also receives royalties (reddit and 50/50 profiles split) from secondary sales of these his NFTs on marketplaces like OpenSea and Rarible.

According to Reddit, NFT’s profile picture is an early-stage blockchain project, but they hope to explore more features with the technology.

“In the future, we see blockchain as one way to bring more empowerment and independence to the community. reddit. reddit It has been the model for what decentralization looks like online. Our communities are self-built and run, and as part of our mission to empower them, we seek tools to help them become more self-reliant and self-governing.” said in a statement.

Reddit joins a long list of companies experimenting with NFTs. Facebook recently ported after launching NFT support on Instagram some of those features in a blue app. after its launch Own digital art collection in May, eBay Acquisition NFT Marketplace KnownOrigin in JuneSpotify announced in May that some artists Promote digital collectibles on your profilelink-in-bio startup Linktree rolled out new features for creators, including: Unlockable links for specific NFT collection ownersExpect more of these tests in the near future.

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