Reddit Releases Blockchain-Backed Limited Edition Collectible Avatars

Reddit has just announced that it is introducing the Collectible Avatars, limited edition, in collaboration with independent artists, and backed by blockchain, by which platform users can customize theirs through the Avatar Builder, buy it using official coins (they are not free), without the need to of making use of cryptocurrencies, and using it both on and off Reddit.

In economic terms, the collectible avatars will have a fixed price, and for each sale that is made, Reddit takes five percent to cover costs and also add funds to the creator program, while the remaining money goes to the creators themselves.

Reddit’s foray into NFTs

Those users who use their collectible avatars within Reddit will stand out from other users by having a glow effect in the comments section, a distinction equivalent to the use of a hexagon on Twitter for those who use an NFT as an avatar.

And it is that in reality, these Collectible Avatars are still NFTs, which users will be able to manage from Reddit itself through the integrated digital wallet based on blockchain, and that they will even be able to sell on third-party platforms, no There is currently the possibility of selling these NFTs directly within Reddit.

They further point out that:

Collectible avatars are currently stored on Polygon, an Ethereum-compatible general-purpose blockchain. We chose Polygon for its low cost transactions and sustainability commitments.

For now, a limited group of Reddit users who are part of the r/CollectibleAvatars community will be able to access their own collectible avatar in advance.where “in that community, people can learn more about buying collectible avatars, setting up wallets to store them, and meeting our artists with behind-the-scenes posts, AMAs, and more.”

Over the next few weeks, access will be extended to other Reddit users. And looking to the future, they point out that:

We see blockchain as a way to give more empowerment and independence to communities on Reddit. Reddit has always been a model of what decentralization could look like online; our communities are self-building and self-managing, and as part of our mission to better empower our communities, we are exploring tools to help them become even more self-sufficient and autonomous.

More information: Reddit