Popular social media platform Reddit is launching a new feature NFT known as Collectible Avatars. These blockchain-backed items are non-fungible tokens (NFTs) running on Ethereum’s second-layer scalability solution Polygon.
Recall that in January 2022, Reddit tested the feature, however, rumors of a potential deployment have been around since 2021. This comes as part of a series of steps to, according to Reddit, bolster ownership among their self-managed community.
Also recall that in 2020, the social media platform launched an improved Avatar Builder and rolled out Ethereum-based community points sometime after that. Reddit has not failed to increase its hold and assure its place in crypto and blockchain generally.
Related Post: Reddit Launches New NFT Avatar Marketplace
The goal is to empower artists to create and sell their work
A blog post by the group clarifies that the new items will only be bought using fiat currency. Presently, users can sign up for early access and view some of the items in the collection.
The platform has been working with digital artists and gave them license to make any style of avatar they wanted. Collaborators will receive a percentage for every successful item sold on the platform, and for every secondary sale on NFT marketplaces.
The blog post reads, “our goal has been to empower artists to create and sell their work. Artists will receive payment for every Collectible Avatar that sells on Reddit, less any fees, and will also receive royalties from secondary sales of their Collectible Avatars”.
“As with other NFT collections, the Collectible Avatars will be unique items made by independent artists. As seen below, they will have unique clothes, designs, colors, trades, and more.
In addition, users with one of these digital items set as their avatar on the social media will add gear, and accessories and will highlight images in the comments section with a glow-like effect.”
The decision to launch social its NFT collection on Polygon is due to the low-cost transactions and sustainability commitments of the polygon. The company views blockchain technology as compatible with its decentralized vision.
Reddit is a model for online decentralization
Furthermore, the statement reads “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.
In the coming weeks, users will have access to the Collectible Avatars. Reddit has a r/CollectibleAvatars which provides users with previews of the items, more info on the collection, a how-to on ways to set up a crypto wallet compatible with the Avatars, and more.”
It is strange that on the official announcement, and due to the nature of the Collectible Avatars, Reddit refrains from calling them NFTs. It could be related to the large gaming community on this social network, and their animosity toward NFTs.
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