Reddit just announced today that they are set to launch an NFT avatar-based marketplace for users. According to the company, users do not need to own a crypto wallet to purchase these NFT avatars, as they can buy it with their credit or debit card and store them in their Reddit’s own wallet.
Details Of The Reddit NFT-Based Avatar
Reddit stated that they will release ninety different designs, and the total number of NFTs going for sale in this early-access phase will be tens of thousands.
Reddit already partnered with the Ethereum-compatible blockchain, Polygon, to mint these avatars. Users can store their NFT avatar on Reddit’s own blockchain wallet called Vault, which is available on the company’s native app.
Reddit noted that today, the NFT avatars would be available to members of the r/CollectibleAvatars invite-only subreddit for a first look. The community is said to be provided with details such as how to set up their wallets, exclusive AMAs by artists, and behind-the-scenes posts about the one-off profile pictures.
Reddit does not have an auction for these avatar NFTs, so they have a fixed price of $9.99, $24.99, $49.99, $74.99, or $99.99. These NFTs can be purchased with fiat currencies like the U.S Dollar.
Users that are not members of the community will be able to purchase the NFTs on Reddit’s avatar builder page in the coming weeks.
The Utilities
The social network stated that if you purchase one of the limited-edition NFTs, you will have the licensing rights to use it on and off Reddit as an avatar. Which means if you are buying one of the limited-edition NFTs, you will have the right to go ahead and use it as your avatar on other social media platforms.
That’s not all. Reddit also said you could mix and match your NFT avatar’s look with merch available in the avatar builder, and the avatar will have a “glow-like effect” right beside your comments in the community.
Reddit, Not A News In The NFT Space
Recently this year, just weeks after Twitter released the NFT function, Reddit also began the testing of a feature that would allow users to set any Ethereum-based NFT as their avatar on the social network. Furthermore, last year, Reddit released limited-edition NFTs inspired by its mascot Snoo called CryptoSnoos.
Reddit Wants To Explore More Features With Blockchain Technology
Reddit said since their social networks have been like an example of decentralization, they are looking forward to seeing blockchain generate more empowerment and liberation for communities on Reddit.
The company stated: “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.”
Conclusion
Reddit is now one of the companies on the list of firms exploring NFTs.
Facebook also just recently ported some of the NFT support features they already launched on Instagram to the Facebook app.
eBay, also after launching its digital art collection in May, adopted an NFT marketplace, KnownOrigin, in June.
Spotify also started testing a cool NFT feature that allows some artists to enable digital collectibles on their profiles in May.
Linktree has also rolled out some exciting features for creators, such as unlockable links for specific NFT collection holders. More to come soon as we anticipate.
