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reddit nft marketplace

Reddit is launching a ‘Collectible avatars’ NFT marketplace

Last week, Reddit announced the launch of its NFT avatar-based marketplace that will allow users to purchase blockchain-based profile pictures for a fixed rate. According to the popular social media platform’s blog post, users don’t need to own a crypto wallet as they can purchase the ‘NFT based avatars’ from Reddit avatar builder with credit or debit card, and store them in the Reddit wallet.

Reddit’s initiative for web3 expansion

In the coming weeks, Reddit will launch its NFT-based avatars on the Polygon blockchain. The company stated that they will launch 90 designs, with the total number of NFTs going up for sale in this early-access phase being “tens of thousands.” Buyers can customize these limited-edition avatars in the avatar builder. Apparently, all avatar attributes were made by an independent artists who’ve partnered with Reddit.

The avatars are priced between $9.99 and $99.99, and the holders will receive unique benefits. The announcement further said that holders could customize their NFTs after applying them as avatars on Reddit. Users can also combine the gear of the avatar with the equipment and accessories on Reddit, creating a unique experience for the holders of these NFTs. According to Reddit, the main reason behind working with Polygon Network is low transaction cost and environmental sustainability.

Users with NFT avatars set as their profile picture will have a ‘glow-like effect’ in the comment section, a visual flourish similar to the hexagon Twitter uses to identify NFT avatars. The NFTs are uniquely numbered, having multiple avatars of each design. Collectible avatars can be stored and managed in the Vault, a blockchain-powered wallet on Reddit where Redditors currently hold their community points.

The company noted that NFT holders would have the licensing rights to use it on and off Reddit. However, the rights are considerably less than other collections, like the Bored Ape Yacht Club (BAYC), allowing holders to use their pieces in television programs and their products. It is not yet announced whether one can trade it on a secondary marketplace like OpenSea.

Reddit has clarified that the NFT avatars will first be made available to members of the r/CollectibleAvatars invite-only subreddit. Users not members of the community will be able to purchase the NFTs on Reddit’s avatar builder page in the coming weeks.

Reddit – An oldie in the NFT space

Reddit is always looking forward to seeing blockchain generate more empowerment and liberation for communities on Reddit. The company launched an Avatar Builder two years ago, enabling users to create a custom Snoo. In January, Reddit released limited-edition NFTs inspired by its mascot Snoo called CryptoSnoos. A Reddit spokesman said at the time that it was “a small, internal test, and no decisions have been made about expanding or rolling out the capability.”

“We see blockchains as a 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.”

Reddit knows best

Reddit has joined a long list of companies experimenting with NFTs for its brand promotion and expansion. Meta also integrated NFT support on Facebook right after it did the same with Instagram. More so, shortly after launching its digital art collection in May, eBay acquired an NFT marketplace KnownOrigin. Crypto enthusiasts may and should expect more integrations in the future as the NFT world continues to expand. 

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