Reddit is working on blockchain-based digital collectable avatars, and these avatars are likely to be designed by artists. These artists, who are also users (called Redditors), can put their NFTs on sale. It’s not open to everyone; currently, it’s in beta and invite-only for these Reddit users to join the r/collectible-avatars subreddit to purchase the avatars via the Reddit Avatar Store.
Reddit is looking to expand in the coming weeks and the avatar cost ranges from $9.99 to $99.99. In the past, we’ve seen Meta experiment with NFT support, including on Facebook, Instagram, and Twitter. After purchasing, there isn’t any benefit except using it as a profile picture.
Artists will be paid for every avatar, and buyers have the right to use it even outside of Reddit. Additionally, Reddit will pay royalties from aftermarket sales of their collectable avatars on third-party marketplaces. Redditors will have a vault (Ethereum-compatible blockchain Polygon), stored in a blockchain wallet on Reddit, where users currently keep their community points.
You don’t have to use cryptocurrency to make purchases; you can buy using fiat currencies, including US dollars. Reddit has improved the avatar builder with countless accessories, outfits, and hairstyles, making it more collectable. Therefore, you can customise your avatar using gear and accessories.
They also partner with Netflix, Riot Games, AFL, and others to feature these avatars. The company says it wants to empower artists by offering them a platform to create and sell their work. Reddit has had these avatars for more than two years. It allows the creation of custom mascots, which can be set as a profile picture. To highlight this, the NFT-Reddit profile picture will have a glow-like effect.