Reddit is introducing a brand-new NFT avatar market.

Last Updated on July 12, 2024 by teamyantragyan

Reddit is introducing a brand-new NFT-based avatar marketplace 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 business stated that if you buy one of its limited-edition NFTs, you will be granted permission to use it as an avatar 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. 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 was made available last year under the name CryptoSnoos.

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 emojis 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 set price because there is no auction, and they can be purchased using fiat currency like $99.99 US. 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.

For the inaugural collection, the company collaborated with artists, some of whom were members of online groups like r/Comics, r/ProCreate, and r/AdobeIllustrator. Reddit-recognized artists also receive income from secondary purchases of these NFTs on stores like Opensea and Raible, with a 50/50 profile split with Reddit. NFT profile images are a blockchain experiment in their infancy, according to Reddit, but it intends to explore further applications for the technology.

“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,” the company wrote in a statement.

Reddit has added its name to a growing list of businesses testing NFTs. Facebook recently added some of those capabilities to the blue app after introducing NFT support on Instagram.
The NFT marketplace KnownOrigin was purchased by eBay in June after it had introduced its own collection of digital art in May.