July 11, 2022
By Sharan Kaur Phillora
Reddit is all set to launch a new NFT marketplace where users can buy NFTs in the Reddit Avatar Builder. These limited-edition avatars, which purchasers can then customize in the Avatar Builder, are made by independent artists who’ve partnered with Reddit.
Here’s what you should know:
The Collectible Avatars will have a “glow-like effect” in comments sections, adding a visual flourish similar to the hexagon Twitter uses to identify NFT avatars. The NFTs are uniquely numbered, with multiple avatars of each design for sale.
According to Reddit, its focus is on the ability to empower artists. This series includes contributions from artists who post on subreddits like r/Comics and other artists “from our networks who are bringing their work to Reddit for the first time.”
However, Collectable Avatars will only be available for purchase using local currencies, such as U.S. dollars. There isn’t a crypto option at current, nor can they be auctioned off either on a secondary market like OpenSea.
According to the company’s press release, the marketplace is built around Polygon’s blockchain due to its low-cost transactions and sustainability commitments.
“In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit,” the company said. “Blockchain-backed Collectible Avatars are one of the early steps we’re taking to test out the potential benefits of this concept on Reddit.”
The website launched a forum that will provide early access to the new services, enabling people to set up their digital wallets early.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.