Social network Reddit's Polygon-based collectible avatar marketplace – allowing users to purchase blockchain-based profile pictures for a fixed rate – is open for business, the company said Thursday.
“Collectible avatars are backed by blockchain technology, giving purchasers rights (a license) to use the art – on and off Reddit,” the company said.
The avatars can be stored and managed on Reddit’s own blockchain wallet, Vault, which is currently used to earn blockchain-based community points and spend them on in-app features such as badges.
The company said customers do not need an existing crypto wallet to purchase these non-fungible tokens (NFT) but can use credit or debit cards to buy the assets, which have listing prices currently pegged at $9.99, $24.99, $49.99, $74.99 and $99.99.
Some 90 designs have been produced in collaboration with independent artists, with the total number of NFTs going for sale in this early-access phase being in the “tens of thousands,” Reddit said. The NFT avatars are initially available to members of the r/CollectibleAvatars invite-only subreddit and will be available to buy on Reddit’s avatar builder page in the coming weeks.
Reddit did not refer to the avatars as NFTs in its post. The firm, however, added that blockchain technology remained a part of its long-term plans: “We see blockchain as one way to bring more empowerment and independence to communities on Reddit.”
Earlier this year, Reddit began testing a feature that allowed users to set any Ethereum-based NFT as their profile picture. In 2021, Reddit released limited-edition NFTs called CryptoSnoos, based on its mascot “Snoo.”
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.