Reddit to Launch NFT marketplace for unique collectible avatars

Reddit will launch a new Collectibles Avatar marketplace using non-fungible tokens (NFTs) hosted on Polygon’s blockchain in the next few weeks.

The website, which hosts a variety of forums and online communities, will collaborate with independent artists to design distinctive avatars that Reddit users may buy for a fixed fee and modify with gear, with the creators receiving a cut of the sales. The social network stated that it will release 90 designs, with “tens of thousands” of NFTs available for purchase during this early-access period.

More about Reddit NFT Avatars

NFT avatars will be available for a first peek to users of the invite-only subreddit r/CollectibleAvatars. The community will feature information on how to set up a wallet, special AMAs from artists, and behind-the-scenes posts about the one-of-a-kind profile images. Because there is no auction, all NFTs have a set price and can be purchased using fiat currencies such as US dollars. These NFT avatars are available for $9.99, $24.99, $49.99, $79.99, or $99.99. If you are not a member of that group, the business stated that these collectible avatars would be available to everyone in the coming weeks on its avatar creator page.

Furthermore, Reddit said that you do not need a crypto wallet to purchase them, so your credit or debit card should suffice, and you can store them using Reddit’s own wallet product.

Interestingly, if you purchase one of its limited-edition NFTs, you will have licensing rights to use it on and off Reddit as an avatar. This is to note that 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.

Sneak peek into Reddit avatars

The company further said, “In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit. Blockchain-backed Collectible Avatars are one of the early steps we’re taking to test out the potential benefits of this concept on Reddit.”*

Alongside the Polygon marketplace, Reddit will also launch an Ethereum-compatible wallet called a Vault.

The website has created a forum that will provide consumers early access to the new services, allowing them to set up their digital wallets.