Reddit is finally entering the NFT space with a new avatar-centric NFT marketplace on Polygon blockchain. Redditors can now collect and own their favorite avatars while enjoying the networking world of Reddit.
There has been a sudden surge of NFT interest on social media platforms for the past few months. Recently, Instagram launched an NFT feature on its app that lets users post their NFTs on Insta story, feed, or DM to friends.
Following the success of Instagram’s NFT feature, Meta announced it began testing NFTs on Facebook by partnering with the U.S. creators and also expressed its intention to fully launch NFT features later on Messenger and Whatsapp too.
Similarly, Twitter already has a PFP NFT feature on the platform and is home to almost every NFT community in the world.
Reddit is the second most popular social media platform for the NFT community. Whenever new NFT projects emerge, they always focus on promoting on Twitter and Reddit.
Despite being a popular NFT spot, Reddit offered no facilities or features to the massive Web3 users until recently when it announced it is testing Ethereum NFTs on the platform after the Instagram NFT feature launch.
Now, Reddit is ready to enter the NFT space by introducing its very own NFT marketplace for Redditors.
Reddit introduces Blockchain-based NFTs
Unlike Meta, Reddit is introducing blockchain-based avatar collectibles that people can buy from its NFT marketplace. These avatars will be used as profile pictures for owners.
According to the official announcement, Reddit is giving licenses to artists and creators to launch their own collectible avatars on the marketplace. The website shared that through the new NFT feature, creators can showcase their artwork and earn money on the platform.
Collectible Avatars: Reddit’s limited edition
For the first launch, Reddit will be releasing a limited edition of Collectible Avatars made by independent artists that come with special benefits on the social media platform.
The users who purchase Collectible Avatars “can mix-and-match the avatar gear with other Reddit avatar gear and accessories, and their profile image in comments sections will have a glow-like effect.”
Two years ago, Reddit released an Avatar builder that enabled users to create their own avatars, but it had no connection with NFTs or blockchain. Now, NFT avatars have become the highlight on the platform.
“From the start, our goal has been to empower artists to create and sell their work. Artists will get paid for every Collectible Avatar that sells on Reddit, less any fees, and are also entitled to receive royalties from secondary sales of their Collectible Avatars on open marketplaces.” said the official announcement.
How to buy NFTs on the Reddit marketplace?
The collectible avatars will be based on the Polygon blockchain with Ethereum compatibility.
To buy NFTs, crypto wallets wouldn’t be necessary. Users can purchase collectible avatars through the same method as the traditional buys for premium users, i.e., credit/debit cards.
Reddit also launched a blockchain-powered wallet called Vault. Vault is just a crypto wallet and is compatible with the Ethereum blockchain. All of the Reddit NFTs will be stored on Vault that users would be able to manage.
According to the official announcement, the collectible avatars will be sold at a fixed price to everyone on the platform. The Listing prices are $9.99, $24.99, $49.99, $74.99 or $99.99. Redditors can buy the collectible avatars through the avatar builder page.
On the purchase of one avatar, Redditors will receive the licensing rights to own and use these NFTs as avatars on Reddit.
Before the official launch, Reddit will be releasing the first look of the avatars to selected Redditors who are members of the r/CollectibleAvatars community. The members will also receive special AMAs from the participating artists, details on how to set up a wallet, and the BTS of the upcoming collection.
With Reddit’s new NFT marketplace, the social media platform has officially joined the long list of traditional companies and social media platforms that offer NFTs features and products to its users.
Since almost every individual is on social media, people will be able to familiarize themselves with the technology more than ever by using these features on the platforms.
NFTs that were once considered a timely digital craze are no more just a craze; they have become a proper digital asset to own and trade on the international market. Despite the tanking NFT market, new projects and developments in the industry are underway, which shows that this new technology will become a valuable digital item in the coming years.