Reddit, one of the top social medial platforms, is venturing into non-fungible tokens (NFTs). The company has unveiled a collection of collectible avatars and a marketplace based on blockchain. These avatars can be used like profile images, or they could be customized using the Reddit Avatar Builder.
Reddit pushes into NFTs
The avatars published by the social media platform can be bought for between $9.99 and $99.99. The avatars will be a limited edition, and the holders will receive “unique benefits” on Reddit.
The announcement further said that users could customize these NFTs after they set them as avatars on Reddit. They can combine the gear of the avatar with the gear and accessories on Reddit. This will create a unique experience for the holders of these NFTs.
These avatars will be created on Polygon, an Ethereum layer two scaling solution. According to Reddit, working with the Polygon network was the low transaction costs and its focus on environmental sustainability.
These avatars can be bought using fiat currencies through debit cards or credit cards. The avatars can be stored and managed on Vault, a blockchain-based wallet for the Reddit platform. This wallet is readily available on the application.
Those who buy these avatars will get the right to use them online. However, the rights are considerably less than other collections, such as the Bored Ape Yacht Club (BAYC), allowing holders to use their pieces in television programs and their products.
Reddit’s avatar collection was designed by visual artists. These artists will receive royalty if the digital assets are available for trading on secondary markets on other NFT platforms.
Reddit’s future plans for blockchain
Social media platforms have been turning towards blockchain technology to bolster efficiency, and Reddit is not being left behind. The platform announced its plans to bring in more blockchain-related offerings and features.
Reddit noted that launching these avatars was the first step toward integrating blockchain technology. The social media platform plans to maximize the potential benefits of adopting blockchain.
This is also not the first time Reddit has considered offerings in cryptocurrency. Earlier this year, the platform’s co-founder, Alexis Ohanian, revealed that his venture capital firm, 776 Management LLC, had secured $500 million in funding to invest in startups in the crypto space.
