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Reddit Launches Polygon-Based 'Collectible Avatar' Marketplace

Shaurya Malwa - CoinDesk
2022-07-07 14:05
Reddit's Polygon-based collectible avatar marketplace – allowing users to purchase blockchain-based profile pictures for a fixed rate – is open for business, said the company on Thursday.
“Collectible Avatars are backed by blockchain technology, giving purchasers rights (a license) to use the art – on and off Reddit,” the company said.
The avatars can be stored and managed on Reddit’s own blockchain wallet Vault, which is currently used to earn blockchain-based community points and spend them on in-app features such as badges.
Customers do not need an existing crypto wallet to purchase these NFTs, but instead can use credit or debit cards to buy the assets, which have listing prices currently pegged at $9.99, $24.99, $49.99, $74.99, or $99.99.
Some ninety different designs have been produced in collaboration with independent artists, with the total amount of NFTs going for sale in this early-access phase being in the “tens of thousands,” Reddit said. The NFT avatars are initially available to members of the r/CollectibleAvatars invite-only subreddit and will be available to buy on Reddit’s avatar builder page in the coming weeks.
Reddit did not refer to the avatars as non-fungible tokens (NFTs) in its post. The firm, however, added that blockchain technology remained a part of its long-term plans: “We see blockchain as one way to bring more empowerment and independence to communities on Reddit.”
Earlier this year, Reddit began testing a feature that allowed users to set any Ethereum-based NFT as their profile picture. In 2021, Reddit released limited-edition NFTs called CryptoSnoos, based on its mascot “Snoo.”
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