Reddit Launches a new NFT Marketplace for Avatars
Reddit is introducing a brand-new NFT-based avatar marketplace today that enables you to pay a set price to buy blockchain-based profile photos. Your credit or debit card should work just fine to purchase them, according to the business, and you can store them using Reddit’s own wallet application.
The social network claimed that it is launching 90 designs, with “tens of thousands” of NFTs available for purchase during this early-access phase.
The business stated that if you buy one of its limited-edition NFTs, you will be granted permission to use it as an avatar both on and off Reddit.
These privileges do not compare to those that come with owning an NFT from the Bored Ape Yacht Club collection of Yuga Labs, which permits you to create products or TV shows based on the bored ape you own. Additionally, you can customize your avatar’s appearance using the merchandise found in the avatar builder, and the avatar will appear in communities next to your comments with a “glow-like effect.”
NFTs have been used by Reddit before. Weeks after Twitter unveiled a comparable option, the business started testing a feature that would let you set any Ethereum-based NFT as your profile photo earlier this year. Limited-edition NFTs based on Reddit’s mascot Snoo, known as CryptoSnoos, were made available last year.
To create these avatars on-chain, Reddit has worked with Polygon, an Ethereum-compatible blockchain. To store and manage these NFTs, you can utilize Reddit’s own blockchain wallet called Vault, which is accessible through the company’s native app. Currently, community points based on blockchain are earned through Vault and used to purchase specialized features like animated emoji and badges.
NFT avatars will be made accessible to invite-only members of the r/CollectibleAvatars subreddit today for a first look. The community will feature information on creating a wallet, exclusive artist Q&As, and behind-the-scenes posts regarding the unique profile images. All NFTs have a fixed price because there is no auction, and they can be purchased using fiat currency like dollars. These NFT avatars have listing costs of $9.99, $24.99, $49.99, $74.99, or $99.99. The firm stated that in the upcoming weeks, everyone who is not a member of that community would be able to purchase these collectible avatars on its avatar builder page.
