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Usha Yadav
Jul 8, 2022
by Usha Yadav

Reddit Announces Launch of NFT-Based Avatar Marketplace

Reddit

Table of contents

  1. Limited-Edition NFTs
  2. NFT Reddit Features
Reddit, a social media network for communities, is introducing a brand-new non-fungible token-based (NFT) avatar marketplace that will let users pay the price for blockchain-based profile photos. According to Reddit's announcement, "tens of thousands" of NFTs in 90 designs are being made available in this early-access phase. NFT avatars will initially only be accessible to subscribers of the invite-only r/CollectibleAvatars subreddit, with quoted costs ranging from $9.99 to $99.99.

Limited-Edition NFTs

The business clarified that purchasers of its limited-edition NFTs would have the legal right to use them as avatars on and off Reddit. These avatars' appearances can be customised using the avatar builder's goods. In communities, users' avatars will also display a "glow-like effect" next to their comments. Everyone can purchase these collectible avatars in the upcoming weeks on Reddit's avatar builder page. Community members will receive special Ask Me Anythings (AMAs) from artists, behind-the-scenes posts regarding the one-off profile images, and instructions for setting up a wallet until then.

Reddit has teamed up with Ethereum-compatible blockchain Polygon to mint these avatars on-chain. Reddit's blockchain wallet, called Vault, accessible through the company's native app, can be used to store and manage NFTs.

NFT Reddit Features

This is a deeper venture into NFTs for Reddit. The business started testing a feature allowing users to use NFTs built on Ethereum as their profile pictures earlier this year. While the blockchain initiatives behind these NFT profile images are still in their early stages, Reddit stated it wants to explore new capabilities for the technology.

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Reddit Announces Launch of NFT-Based Avatar Marketplace
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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