Reddit has just launched its new NFT-based avatar marketplace, allowing users to purchase ‘Collectible Avatars’ on its platform for a fixed rate.
Reddit has stated that its Collectible Avatars shop will be the place to purchase limited-edition Collectible Avatars from different independent creators and artists.
Reddit has also said that it has worked with artists from creative communities such as r/Comics in creating the first of these Collectible Avatars.
Artists will get paid for every Collectible Avatar they sell, minus any fees, and are entitled to receive a royalty fee if their Collectible Avatar gets resold.
In order to mint these avatars, Reddit has partnered with Polygon, an Ethereum-compatible blockchain. Reddit further stated that the reason for choosing Polygon was its “low-cost transactions and sustainability commitments”.
Users looking to store and manage their avatars will need to use Reddit’s own Ethereum-compatible blockchain wallet, Vault.
However, Reddit says that you won’t actually need to purchase an avatar with cryptocurrency or compete in an auction for them. As Collectible Avatars on Reddit can only be purchased using fiat currencies such as dollars or euros at a fixed amount.
Reddit has stated that those who purchase a Collectible Avatar will have licensing rights to use it on and off Reddit.
Other benefits of owning a Collectible Avatar allow you to unlock additional features on Reddit like having a glow-like effect in the comments section when they have their Collectible Avatar as their profile image.
Furthermore, you can even style your avatar with merch available on their Avatar Builder.
Collectible Avatars will be available to everyone in the coming weeks on its Avatar Builder page but are now available today to a limited number of Redditors who join the r/CollectibleAvatars community with prices currently ranging from USD 9.99 to USD 99.99.