Reddit Launches NFT-Based Marketplace Featuring "Collectible Avatars"
In the latest foray into NFTs, Reddit launched a Polygon-based marketplace featuring a series of NFTs called Collectible Avatars. Let's take a closer look!
Meet Collectible Avatars, Reddit's latest NFT series
Last week, social media giant Reddit launched an NFT-based marketplace featuring more than 90 different designs of NFTs called “Collectible Avatars”. Hosted on the Polygon network, these adorable PFPs are made by independent artists in partnership with the company.
To begin with, only Redditors who join the r/CollectibleAvatars community have early access to the NFT collection. Each PFP is purchasable with fiat currencies, with listed prices ranging from $9.99 to $99.99. Given that, those who are looking to store and manage their Collectible Avatars will need to use Reddit's own blockchain-powered wallet called Vault.
According to the platform, owners of Collectible Avatars will have licensing rights to use them on and off Reddit. Those who have Collectible Avatars as their profile pictures will have a “glow-like effect” next to their comments in the forum. Besides that, users can also style their Avatars with different gears and accessories.
Kudos to the artists on Reddit
Needless to say, many of the artists that Reddit worked with for the Collectible Avatars series came from popular creative communities like r/Comics. Some of them came from other subreddits such as r/ProCreate or r/AdobeIllustrator, while some of them worked with Reddit for the first time.
As of writing, Reddit charges a 5% fee to cover minting and blockchain-related fees. After minus those fees, the rest of the proceeds will go to the artists. According to the website, artists can also receive royalties from secondary sales of their Collectible Avatars.
Is NFTs the future for Reddit?
Make no mistake, this is not the first time we see Reddit venturing into NFTs. Earlier this year, the company tested a new feature that allowed users to set any Ethereum based-NFTs as their profile picture. Back in 2021, Reddit even released a collection of NFTs called “CryptoSnoos”, based on its mascot Snoo.
“In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit,” the company said in a statement. “Reddit has always been a model for what decentralization could look like online; our communities are self-built and run, and 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.”