Reddit Puts Blockchain-Based Collectible Avatars on Sale

July 18, 2022 11:50:00

Redditors will soon be able to purchase blockchain-based collectible avatars after Reddit revealed that it will provide the range of avatars through a special storefront in the near future. Last week, the social media and discussion network announced that it had launched the new storefront that would allow users to purchase limited-edition collectible avatars backed by blockchain technology.

Thanks to its decentralized nature, blockchain technology is used in the cryptography market to enhance security and increase traceability, efficiency, speed and transparency. Even though the crypto market has seen significant losses in recent weeks, the hype around blockchain technology that underpins the crypto market is still high.

In the two years after Reddit unveiled its new Avatar Builder, Redditors have been able to customize their own avatars with different outfits, accessories and hairstyles. Now they will be able to purchase blockchain-based collectible avatars via the new Collectible Avatars storefront thanks to a partnership between Reddit and independent artists. The artists will create the collectible avatars and receive a cut whenever one of their avatars is sold.

Since the avatars are supported by blockchain tech, Redditors who purchase them will have the right to use the art on and off the platform. Furthermore, each of the avatars can be purchased via government-issued currencies, not just cryptocurrencies. Blockchain makes it possible for Redditors to gain ownership and portability of their collectible avatars and gives artists a chance to showcase their art outside of Reddit while also receiving compensation in form of royalties.

Once a user purchases an avatar from the Collectible Avatars storefront, it will be kept in a blockchain-based wallet called a vault. More specifically, the avatar will be stored on a general-purpose, Ethereum-compatible Polygon blockchain. People will be able to purchase the avatars at this link once they are available. Initial sales will initially be restricted to the members of the r/collectibleavatars subreddit. However, all users will gain access in the coming weeks.

The cost of the avatars will range from $9.99 to $99.99 per avatar. Reddit has also indicated that it is fine with users selling their collectible avatars for higher prices outside the platform. Thanks to the blockchain technology underpinning the collectible avatars, artists will be compensated whenever their avatars are sold in and outside of Reddit.

This is Reddit’s first foray into blockchain-backed technology. However, it isn’t the first social media platform to dip its toes into the blockchain ecosystem. Meta recently began tests for NFT support on Instagram and Facebook, and Twitter has launched NFT profile pictures.

These developments are helping to take blockchain technology mainstream, and as this happens, the products and services of companies such as Coinbase Global Inc. (NASDAQ: COIN) are likely to register growing demand.

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