Reddit Launches NFT Avatar Marketplace on Polygon
Reddit, the popular social network, has just launched a new avatar marketplace leveraging non-fungible tokens (NFTs) and powered by Polygon's blockchain.
Reddit platform, which hosts countless forums and online communities, will work with independent artists to produce one-of-a-kind avatars that Reddit users can purchase for a fixed amount and customize with gear, earning creators a portion of the sales.
Reddit is releasing 90 original designs as part of the project's debut, and it has been announced that "tens of thousands" of NFTs will be sold during the early phase. Users do not need to use a cryptocurrency to make the purchase, but they can use credit or debit cards instead.
The NFTs may be kept in Reddit's native wallet Vault and will be issued on Polygon, an environmentally friendly blockchain that is compatible with Ethereum. According to a news statement from the firm, the marketplace is based on Polygon's blockchain because of its dedication to sustainability and low-cost transactions.
Users who purchase an NFT are licensed to use the NFT avatar both on and off Reddit. You may mix and match your avatar's outfit and accessories with Reddit's avatar creator. In communities, the avatars will have a glow-like effect next to users’ comments in communities.
Reddit collaborated with artists from several Reddit groups, including r/ProCreate, r/Comics, and r/AdobeIllustrator, for the inaugural collection. All revenues from secondary sales will be shared 50/50 between Reddit and the artists that contributed to the collection.
“In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit,” the company said. “Blockchain-backed Collectible Avatars are one of the early steps we’re taking to test out the potential benefits of this concept on Reddit.”
Reddit will alsol introduce a Vault, an Ethereum-compatible wallet, along with the Polygon marketplace. The website launched a forum that will provide early access to the new services, enabling people to set up their digital wallets early.
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