Reddit introduces new “Collectible Avatars” supported by the blockchain.
Reddit, the popular content aggregation and discussion website, has just set its foot into the digital collectibles arena. The site is introducing a new take on Non-Fungible Tokens (NFTs) with collectible avatars, thus foraying into blockchain-oriented technology.
Independent artists can create collectible avatars of their choice and exhibit their artwork to the Reddit community through an official storefront, thus earning money for their creations. The launch date of the official store has not yet been announced, but according to Reddit, collectible avatars will give owners with unique advantages on Reddit.
Initially, these avatars will be available for purchase only for a limited number of Reddit users. Gradually, it will be offered to all users. Owners of these collectibles will get to enjoy unique benefits on Reddit.
Redditors can use a blockchain-powered wallet called Vault on Reddit to store the collectibles and manage them. Presently, they use Vault for storing their community points. Moving forward, this wallet will be compatible with Ethereum.
The prices for the collectible avatars will be fixed and users can buy them using fiat currencies such as the US dollar. For each avatar that is sold, artists will get a specific percentage of future secondary sales. All these collectibles are stored on the Polygon blockchain.
According to Reddit, these collectible avatars are not actual NFTs. As of now, cryptocurrencies are not a part of the buying or selling process. Blockchain-oriented avatars are just one of the first steps they are taking to test the possible benefits of this innovative concept on their content aggregation website.