Reddit Announces Launch of NFT-Based Avatar Marketplace

Social communities platform Reddit is launching a new non-fungible token-based (NFT) avatar marketplace, enabling users to purchase blockchain-based profile pictures at a fixed rate.

In this early-access phase, 90 different designs of NFTs are being released in the “tens of thousands,” according to Reddit’s announcement. Initially, NFT avatars will only be available to members of the r/CollectibleAvatars invite-only subreddit for a first look, with listed prices ranging from $9.99 to $99.99. 

The company emphasized that owners of its limited-edition NFTs will have licensing rights to use them on and off Reddit as an avatar. These avatars’ looks can be mixed and matched with merchandise available in the avatar builder. Users’ avatars will also have a “glow-like effect” next to their comments in communities.

According to Reddit, these collectible avatars will be available for everyone to buy on its avatar builder page in the coming weeks. Until then, community-members will receive behind-the-scene posts about the one-off profile pictures, exclusive Ask Me Anythings (AMAs) by artists, and details about setting up a wallet

In order to mint these avatars on-chain, Reddit has partnered with Ethereum-compatible blockchain Polygon. The NFTs can be stored and managed using  Reddit’s own blockchain wallet called Vault, available on the firm’s native app.

Reddit NFT features

For Reddit, this marks a deeper foray into NFTs. Earlier this year, the company began testing a feature allowing users to use Ethereum-based NFTs as their profile picture. While these NFT profile pictures are early-stage blockchain projects, Reddit said it wants to explore more features with the tech.

“In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit,” the company said in a statement.

“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.”

The post Reddit Announces Launch of NFT-Based Avatar Marketplace appeared first on BeInCrypto.

Earning Passive Income With Crypto

Related Posts

Fractional NFT Markets Slide 76% in Value in 7 Months, Diced-up Doge NFT Still Leads the Pack

When non-fungible token (NFT) collectibles became popular, the fractionalized NFT market grew past the $200 million range seven months ago in December 2021. Since then, the fractionalized…

Bored Ape Yacht Club (BAYC) NFT Sales Test New Higher-Low Slipping More Than $290M

Similar to more than 90% of NFTs, BAYC saw a significant reduction in sales volume due to negative market sentiment during the seventh month of the year. …

Crypto Use in Metaverse Could Threaten Financial Stability, Says BoE

The prospective widespread use of cryptocurrencies within a fully developed metaverse could pose a systemic risk to financial stability, according to Bank of England researchers. Were the…

Troubled CoinFLEX Files for Restructuring in Seychelles

On Tuesday, the troubled Cryptocurrency exchange, CoinFlex, filed for restructuring in a Seychelles court to resolve a shortfall due to a counterparty failing to make a margin…

Elon Musk Sells Tesla Shares Worth Nearly $7 Billion — Plans to Buy TSLA Stock Back if Twitter Deal Falls Through

Elon Musk has sold nearly 8 million Tesla shares worth almost $7 billion. “It is important to avoid an emergency sale of Tesla stock” if Twitter forces…

Citadel CEO Ken Griffin Spills Beans on Why He Outbid ConstitutionDAO

Citadel CEO Ken Griffin opens up on what prompted him to outbid ConstitutionDAO last year to obtain a rare copy of the U.S. Constitution. The prized document…