Following the successful launch of the in-app avatar builder in 2020, social network Reddit is launching a series of NFTs called Collectible Avatars. These are essentially limited-edition profile pictures that artists can create and sell on a blockchain-based marketplace.
How Collectible Avatars Work
The Collectible Avatars come from Reddit’s partnership with Polygon, an Ethereum-compatible blockchain that offers low cost transactions and sustainability advantages. Avatars are priced at fixed amounts and are purchasable with fiat currencies, so users don’t need to purchase crypto to own an avatar.
Reddit has reportedly granted early access to select community members, and listing prices range from $9.999 to $99.99.
This new function also supports independent artists. For each Collectible Avatar sold, the originating creator earns a portion of the purchase price. Avatars are also logged on the blockchain so owners maintain avatar image rights both on and off Reddit.
Reddit’s Future in NFTs
Reddit has been progressively breaking into the world of cryptocurrency and NFTs, and shows no signs of slowing down.
It previously introduced Ethereum-based token rewards called Donuts in 2019, which was followed by the introduction of Community Points. Reddit has since expanded Community Points to include two cryptocurrencies for the subreddits r/FortNiteBR and r/cryptocurrency.
Reddit also recently launched the limited collection of CryptoSnoos, a creative reimagine of the Reddit mascot, back in 2021 for public auction.
With NFT discussion increasing more than 400% since 2021, Reddit appears to be exploring new ways to explore blockchain technology, crypto and NFTs for its 48 million monthly active U.S. users.