On July 7, Reddit announced the launch of their new NFT-based avatar marketplace that will allow the users to purchase profile pictures that are blockchain-based for an already set price.
As revealed by a social content rating and discussion website, the users will not be required to have a crypto wallet to buy these blockchain-based avatars, they use their credit cards or even debit cards to buy them, and they can further store them on the wallet service that will be provided by Reddit.
Additionally, the social networking platform is said to have 90 unique designs during the initial launch, with “tens of thousands” of non-fungible tokens (NFT) available for purchase during this early access period.
Furthermore, the company also announced that if anyone buys one of their limited edition NFTs, they will be granted the complete right to use the NFT as an avatar on not just on Reddit, but anywhere on the internet as they want.
Although the rights to the owners are not as comprehensive when compared with the ownership of Bored Ape Yacht Club by Yuga Labs, which allows its holders to create goods or television shows based on the bored Ape that they own.
Apart from this, users can customize the look of their avatar by combining other outfits available in the avatar builder. Furthermore, the user owning an avatar will have a “glow-like effect” next to their comments in the communities they take part in.
While this isn’t the first time Reddit has dabbled with NFTs. Earlier this year, the company has started testing functionality that would allow the users to have Ethereum-based NFTs as their profile picture. This came in after a few weeks when Twitter introduced a similar feature on their social media platform.
Reddit has also partnered with Polygon, an Ethereum-compatible blockchain, to host these avatars on the blockchain and allow the users to mint the avatars. As mentioned before, users can seamlessly store and manage these NFTs using Reddit’s blockchain wallet, which can be found in their native app.
A huge part of the growth in the crypto space over the past ten years has been driven by enthusiasts and experts who help define ongoing news and developments, as well as an active community on crypto community platforms such as Reddit’s subreddits that have come together and have helped define the recognize the Industry as it is today.
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