Reddit has launched an NFT marketplace that allows users to purchase collectible avatars and use them as profile pictures.
Marketplace for Collectible Avatars
NFT Marketplace will offer digital collectible avatars for sale at a fixed rate. The unique thing about this marketplace is that buyers don’t need a crypto wallet to purchase them. They can instead use their debit or credit card to make online payments for any fiat currency. Reddit also offers Vault, its own wallet that allows users to make purchases in the marketplace. The Vault wallet allows users to store NFTs they have purchased.
The company made the announcement via a statement that read:
“In the future we see blockchain being one way to bring more empowerment to Reddit communities.” Reddit has been an example of what online decentralization looks like; communities are self-governing and self-sustaining. We are currently exploring tools to empower them to be more self-sustaining.
Reddit’s NFT Profile Photo
Polygon has partnered with the marketplace to create avatars that can be created on-chain. Reddit announced earlier this year that it was developing a NFT profile verification feature. The 90 avatar designs included in the initial batch of NFTs available early access features 90. So far, the avatars have been made available to only the members of the invite-only, exclusive subreddit, r/CollectibleAvatars. Fixed price rates are being offered for the NFTs. Buyers do not have to participate in an auction or bid war to buy NFTs. These avatars cost $9.99, $24.99 and $49.99 respectively. They also retail at $99.99 and $74.99. These collectible avatars will soon be available for purchase by the rest of the globe when they are listed on the avatar builder webpage.
Royalties and Rights
Reddit also announced that those who purchase these limited-edition NFTs have the right to license it for use on and off its social media platforms. You can customize your avatar’s appearance by mixing and matching the merchandise available in the avatar builders. The rights of the user do not extend beyond this. Bored Ape NFTs, for example, give owners the rights to create merchandise and content for their bored ape characters. Reddit avatar owners won’t be able do this. These avatars were created in collaboration with several artists from subreddits such as r/Comics and r/ProCreate. They will receive a 50% cut from the royalties for secondary sales of these NFTs through marketplaces like OpenSea or Rarible.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.