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Reddit announced it has jumped into the NFT space with the release of a series of “collectible avatars” on the polygon blockchain network. Although the word “NFT” did not appear anywhere in Reddit’s announcement, its new collectible avatars share many similarities with non-fungible tokens.
Users can Showcase Tokens as Profile Pictures
According to its official release, Reddit will launch the virtual avatars in conjunction with Ethereum’s layer-2 Polygon protocol. Working with independent designers, the Reddit team pulled together a collection of limited-edition avatars. These tokenized avatars will provide their holders with perks native to the platform.
Most importantly, Reddit users can set the newly launched tokens as their display photos on the app. Individuals with avatar pfps can pair the gear and accessories on their characters with other add-ons available on the platform. Furthermore, their profile image in the comment box will feature a glowing exterior.
The platform unveiled the news via a recent publication where they revisited their past interactions with pfp avatars. Notably, this isn’t a new feature for both Reddit and the broader NFT industry. Pfp tokens are rather commonplace in the digital sphere. As a matter of fact, roughly 2 years ago, Reddit rolled out a revamped avatar builder. This was before Reddit introduced CryptoSnoos in 2021. The “builder” offering gave users the ability to create and personalize avatars as distinctive identities on the platform. What sets the new collectibles apart is that Reddit community members can only access them through a specific marketplace. In contrast, Reddit’s previous avatars were either free or open to Reddit Premium subscribers.
Reddit to Support Artists
Moreover, artists who contributed to the new collection will receive royalties from each token sale. A lot of the artists who contributed to the collection came from creative subreddits. Some of the handpicked creators were also new to the platform and the communities.
Regardless, as said in their blog post, Reddit’s goal has been to give artists opportunities to showcase and market their work. Buyers are not left out of the loop as acquiring a token also translates to owning the licensing rights. Holders can use the art on the Reddit app and outside it.
Distinctions from Regular NFTs
Notably, Reddit’s storefront does not require users to complete transactions in cryptocurrency. Also, the platform will not be auctioning the collectible avatars. Instead, the avatars all have set prices and buyers can make purchases with government-issued (fiat) money.
Reddit’s listed prices vary wildly starting at about $9.99 and going all the way to 100 USD. Additionally, since users have purchasing rights, they can resell their avatars for crypto on platforms like OpenSea and Rarible. Creators are also entitled to a portion of the profits from secondary sales.
Reddit’s Vision for Digital Collectibles
At the moment, the tokens are only available to Redditors on the invite-only r/CollectibleAvatars subreddit. Within the next few weeks, the team will open purchases to other individuals. Those with early access can gain information about the purchase process.
They can also learn about how to link the Reddit-supported wallet Vault. Buyers can store and manage their collectible avatars on an Ethereum-compatible digital wallet address. r/CollectibleAvatars community members can also interact with the artists through behind-the-scenes posts, AMAs, and more.
Finally, the platform encourages creators interested in being featured in later releases to join its creator waitlist.