Reddit Launches Polygon-Based 'Collectible Avatar' Marketplace

The images can be stored or managed on company-owned blockchain wallet Vault.

AccessTimeIconJul 7, 2022 at 2:05 p.m. UTC
Updated Jul 7, 2022 at 4:55 p.m. UTC

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

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.”

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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.