The social media company has announced the launch of an NFT marketplace for collectible avatars that Reddit users can purchase and use as their profile pictures.
Marketplace For Collectible Avatars
The NFT marketplace will feature digital collectible avatars that can be purchased for a fixed rate. However, the interesting feature of this marketplace is that, unlike most other platforms, buyers do not need to have a crypto wallet to buy them. Instead, they can make regular online transactions using their credit or debit card for any fiat currency. They can also use Reddit’s own wallet, Vault, to make purchases on the marketplace. Users can also store the purchased NFTs on the Vault wallet.
The company announced the news via a statement, which read,
“In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit. Reddit has always been a model for what decentralization could look like online; our communities are self-built and run, and as part of our mission to better empower our communities, we are exploring tools to help them be even more self-sustaining and self-governed.”
Reddit’s NFT Profile Photos
The marketplace has been developed in partnership with Polygon, where the avatars can be minted on-chain. Earlier this year, Reddit revealed that it was working on the NFT profile photo verification feature. The initial batch of early-access NFTs features 90 avatar designs. So far, the avatars have been made available to only the members of the invite-only, exclusive subreddit, r/CollectibleAvatars. The NFTs are being listed at fixed price rates. Therefore, buyers do not need to compete in an auction or bidding war to purchase them. The prices of these avatars are listed at $9.99, $24.99, $49.99, $74.99, and $99.99. The collectible avatars will be available for purchase for the rest of the world in the coming weeks when they will be listed on the avatar builder page.
Rights And Royalties
Reddit has also declared that users who buy one of these limited-edition NFTs will have licensing rights to use it on or off the social media platform. Users can also customize their avatar's look by mixing and matching the merch available in the avatar builder. However, the user rights do not extend beyond that. For example, the famed Bored Ape NFTs give owners the right to make merchandise or create content on the bored ape character they own. The Reddit avatar owners will not be able to do that. The avatars were designed in collaboration with artists from several subreddits like r/Comics, r/ProCreate, and r/AdobeIllustrator, who will be receiving a 50% cut of the royalties from secondary sales of these NFTs on marketplaces like OpenSea and Rarible.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.