Reddit is entering the NFT space and is developing a blockchain-based avatar system.
Reddit states that the art is stored on the Polygon blockchain but can be purchased with local currencies.
Despite this milestone, cryptocurrencies are not currently part of the process of buying or selling collectibles.
Reddit, a site for collecting, rating and discussing content, has announced that it will launch a new avatar system based on blockchain technology. Reddit hasn’t given an exact date, but it should be out in the next few weeks. Collectible Avatars are limited edition artworks created by select independent artists and Reddit users. For now, the limited edition will only be available to those who join the r/CollectibleAvatars community.
According to the announcement, the artworks will be stored on the Polygon blockchain but can be purchased with local currency. Polygon was selected for its low transaction costs and commitment to sustainability.
The avatar scrapbook is said to be processed through Vault, which is a blockchain -enabled site wallet that runs on Ethereum-compatible chains. The move aims to empower artists who use the site, it says:
“From the beginning, our goal has been to enable artists to create and sell their work. Artists are paid for each collectible avatar sold on Reddit, minus all fees, and are also entitled to royalties from secondary sales of their collectible avatars in open markets.”
Reddit wants to test the usefulness of the concept
In addition, Reddit users can access new collections where users usually create their avatars. Those who buy them can use them as their avatar on the site. As an encouragement, collectible avatar creators were told that they would receive a percentage of any resale in the future. Owners of collectible avatars are also eligible for unique benefits.
Despite this milestone, cryptocurrencies are not currently part of the process of buying or selling collectibles. These are not true NFTs , by the way, but a move meant to test the concept’s potential usefulness on a website. The platform took a big step towards non-fungible tokens ( NFTs ) in February with the launch of CryptoSnoos. It is believed that blockchain can play a key role in empowering their communities.
“In the future, we see blockchain as a way to give Reddit communities more power and independence. Reddit has always been a model of what decentralization can look like on the web. Our communities are part of our mission of continuous improvement, so we’re working on tools to improve our skills and self-management.”