Today, Reddit is launching a new NFT-based avatar marketplace that allows you to buy blockchain-based profile pictures for a fixed price. The company said you don’t need to have a cryptocurrency wallet to buy them, so your credit or debit card should be enough and you can use Reddit’s own wallet to store them.
The social network said it is releasing 90 different designs, with the total number of NFTs going on sale at this stage of early access in the “tens of thousands.”
The company noted that if you purchase one of its limited edition NFTs, you will have the licensing right to use it on and off Reddit as an avatar. These rights are not as extensive as NFT ownership from Bored Ape Yacht Club Collection by Yuga Labs, which allows you to create merchandise or TV shows based on a bored monkey you own. What’s more, you can combine the look of your avatar with items available in avatar creatorand the avatar will have a “glowing effect” next to your comments in the communities.
This isn’t Reddit’s first NFT rodeo. Earlier this year, the company began testing the feature. this will allow you to install any Ethereum-based NFT as your profile picture – in a few weeks Twitter released a similar feature. Last year, Reddit released a limited edition NFT based on their Snoo mascot called CryptoSnoos.
Reddit has partnered with Polygon, an Ethereum-compatible blockchain, to create these online avatars. You can use Reddit’s own blockchain wallet called Vault, which is available on the firm’s own app, to store and manage these NFTs. Vault is currently being used to make money based on the blockchain. community points and spend them on special features like icons and animated emoticons.
NFT avatars will be available to members today r/Collectible avatars The subreddit is by invitation only for a first look. The community will have details on wallet setup, artist exclusive AMAs, and behind-the-scenes posts about one-off profile photos. Since there is no auction, all NFTs have a fixed price and can be bought with fiat currencies such as US dollars. Prices for these NFT avatars range from $9.99, $24.99, $49.99, $74.99, or $99.99. The company noted that if you are not part of this community, these collectible avatars will be available for purchase. on the avatar designer page for everyone in the coming weeks.
The company worked with artists – some of the communities such as p/Comics, p/ProCreateas well as p/AdobeIllustrator for the first collection. Reddit noted that artists also receive royalties – with a 50/50 profile split with Reddit – from the secondary sales of these NFTs on marketplaces such as Opensea and Rarible.
Reddit says that while NFT profile pictures are an early-stage blockchain project, it wants to explore more of the technology.
“In the future, we see blockchain as one of the ways to give communities more power and independence. Reddit. Reddit has always been a model of what decentralization can look like on the web; our communities are built and self-governed, and as part of our mission to empower our communities, we are exploring tools to help them become even more self-sustaining and self-governing,” the company said in a statement.
Reddit has joined a long list of companies experimenting with NFTs. After launching NFT support on Instagram, Facebook recently ported some of these features for the blue app. After launching your own collection of digital art in May, eBay purchased Marketplace NFT KnownOrigin in June. In May, Spotify began testing a feature that allowed certain artists to promote digital collectibles on their profilesand link-in-bio startup Linktree introduced new features for creators such as unlockable links for specific NFT collection holders. Expect more such tests in the near future.
Credit: techcrunch.com /