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Reddit has stated that the avatars aren’t NFTs. Thus, users do not need an existing crypto wallet to buy them.
Reddit has announced it will launch a limited edition of blockchain-based avatars on the Polygon chain. The announcement noted that the avatars will be available to the public in a few weeks but refrained from stating a date.
To create the artwork, Reddit partnered with independent artists on its platform. Early access will be available for a limited number of Reddit users who join the r/CollectibleAvatars community. All purchased avatars can be stored securely on the firm’s blockchain-based wallet, Vault.
According to the announcement, the new project aims to empower artists who use the website. The statement read:
“From the start, our goal has been to empower artists to create and sell their work.”
Thus, artists will receive a commission on every sale (direct through the website or indirect sales through open marketplaces).
Blockchain-based Avatars Not NFTs, Claims Reddit
Meanwhile, Reddit has stated that the avatars aren’t NFTs. Thus, users do not need an existing crypto wallet to buy them. Instead, they will be purchasable using fiat. The collectable avatars also have fixed tier prices.
However, the company noted that launching the avatars was a first step in understanding the possible uses of the tool on the platform. Reddit believes incorporating blockchain can help further its visions and empower its communities. The statement read, “Reddit has always been a model for what decentralization could look like online.”
Noting that its communities are self-built and administered, it hopes blockchain can bring added independence. “We are exploring tools to help them [the communities] be even more self-sustaining and self-governed,” it concluded.
One Move After the Other
Reddit has been racking up participation in the blockchain and web3 space recently. In 2021, it released its first edition of NFTs, the CryptoSnoos.
Earlier in 2022, it also tested a feature that allowed users to set Ethereum-based NFTs as their profile picture. Currently, the firm’s native wallet, Vault, also allows users to earn community points and spend them on in-app features.
With these moves, Reddit joins a long list of companies like Facebook, eBay, and Spotify experimenting with blockchain and web 3. One can expect many more companies to trial these technologies in the coming days.