Reddit releases blockchain-based collectible avatars, which the company says will utilize the Polygon (MATIC) blockchain for decentralized trading and third-party sales.
Once again, Reddit is dipping its feet into the Web3 space with its own take on NFTs—the Reddit collectible avatars. The content aggregation, ranking, and discussion website makes it clear that the avatars are not proper NFTs. Still, these are their way of embracing the digital collectible craze and blockchain-based technology.
The Reddit collectible avatars are a set of limited-edition artwork created by indie artists who are Reddit users, too. According to Reddit’s statement, the avatars will be up for sale in a new storefront. What’s worth noting is the avatars can be purchased with local currencies since the storefront will not be supporting cryptocurrency transactions.
A Closer Look into the Reddit Collectible Avatars
Although Reddit isn’t loosely using the term “NFT” in reference to their blockchain-based avatars, the similarities to other NFT projects are striking. For instance, the artworks are stored on the Polygon (MATIC) blockchain. Reddit announced that they “chose Polygon for its low-cost transactions and sustainability commitments.”
Moreover, the Reddit collectible avatars can only be accessed by Redditors through Vault, Reddit’s blockchain-powered wallet that functions on Ethereum-compatible chains. Also, any Redditor who will purchase an avatar will have the license “to use the art—on and off Reddit.”
For now, only a limited number of Reddit users can purchase the avatars, but they will have to join the r/collectibleavatars subreddit first. However, the company says it plans to open the store to all Reddit users “in the coming weeks.”
What sets Reddit collectible avatars from NFTs is that Redditors won’t have to worry about outrageously fluctuating prices, at least for the time being. Reddit will sell the avatars for fixed prices between $9.99 and $99.99. Still, should the demand for avatars increase, Reddit is open to the idea of trading in the secondary market.
Perks for Creators and Owners of Reddit Collectible Avatars
Reddit’s latest move has its sight on empowering artists who are using the website. “From the start, our goal has been to empower artists to create and sell their work. Artists will get paid for every Collectible Avatar that sells on Reddit, less any fees, and are also entitled to receive royalties from secondary sales of their Collectible Avatars on open marketplaces,” said Reddit’s announcement posted on their website.
So, the Reddit collectible avatars will not only pave the way for these creators to share their art with the Reddit community, but they can also make serious money from their work. It is said that Reddit will only be taking 5% of sale proceeds, presumably to cover minting and blockchain fees while also supporting the Reddit creator program.
What remains from the proceeds will go to the artists that worked with Reddit. The artists will also benefit from secondary sales.
On the other hand, owners of Reddit collectible avatars can use them for their profiles. Also, they can mix and match their avatar’s gear with other Reddit accessories available through Reddit’s avatar builder. Finally, the profile images of users with collectible avatars in comments sections will have a glow-like effect.
As mentioned in the get-go, these collectible avatars are but one of the products of Reddit’s Web3 exploration. Earlier this year, they briefly experimented with an NFTs-as-profile-photos feature.
However, Reddit promises that the Reddit collectible avatars are an “early step” in their efforts to bring more blockchain-based technology into the platform. “In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit,” the company says. “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.”
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