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July 7, 2022

Reddit unveils new ‘Collectible Avatars’ powered by the blockchain

Reddit, a platform for sharing, rating, and discussing online content, unveiled a new avatar system based on blockchain technology on Thursday. Despite the lack of an official release date, the firm has hinted that the avatars will be accessible to everyone within the next two weeks, at the very latest. To begin with, Reddit is allowing members of the r/CollectibleAvatars subreddit early access to see the new features.

Artwork by independent artists who are Reddit members is being sold as Collectible Avatars, a series of limited-edition artwork. Local currencies are accepted for the purchase of the new avatars. However, according to the statement, the artwork is saved on the Polygon blockchain. Additionally, Reddit’s blockchain-powered wallet Vault, which operates on Ethereum-compatible chains, manages the Collectible Avatars.

As noted in Thursday’s statement on Reddit’s website, this new step intends to empower artists who use the service:

“From the beginning, our mission has been to enable artists to produce and sell their work.” For every Collectible Avatar sold on Reddit, the artist will be compensated, less any costs, and will also be eligible to collect royalties from secondary sales of their Collectible Avatars on open markets. ‘

Reddit users may create their new avatars in the same place they’ve always done so, with the addition of the new selection. Reddit avatars may be used with a Collectible Avatar once acquired. Unique advantages will be available to those who own Collectible Avatars as well as a share in future secondary sales for the Collectible Avatar makers.

“Collectible Avatars are now stored on Polygon, a general-purpose, Ethereum-compatible blockchain,” according to the release on Thursday. We went with Polygon because of its minimal transaction costs and dedication to sustainability.”

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“Blockchain-backed Collectible Avatars are one of the early steps we’re taking to test out the potential advantages of this idea on Reddit,” Reddit stated in a statement.

Reactions to the concept’s relevant characteristics were also noted on Reddit.

Reddit communities will be better equipped and more autonomous in the future thanks in part to blockchain technology. When it comes to online decentralization, Reddit has always been a leader. Our community is established and operated by our members; we’re researching solutions that will enable them to become even more self-sustaining and self-governed.”
Reddit’s effort into NFTs isn’t it’s first; the business introduced CryptoSnoos in February.

When the crypto market crashes in 2022, some businesses are opting to construct instead of buying back in. The Lamborghini-backed GT racing team’s intention to use NFTs to verify vehicle components is another recent development in the NFT space, as shown by a new DappRadar report. Art-based tokens have been more popular in recent years, but the next NFT gold rush may well be in expiring copyrights.