HomeCrypto NewsNFTNFT Breaking News: Reddit Launches NFT Avatar Marketplace

NFT Breaking News: Reddit Launches NFT Avatar Marketplace

Crypto News Talk Delivers the Latest in NFT News

Popular social media forum Reddit has recently announced the launch of its own avatar marketplace. In the marketplace, users can buy blockchain-based profile pictures, pay for them with credit cards or debit cards, and store them in their Reddit Vault wallets.

Reddit is in an early access phase of the program and will release 90 designs now. The NFTs are limited editions, and buyers can use them on or off Reddit as an avatar but may not use them to create merchandise or in media, such as TV. Buyers can buy merchandise in the avatar builder to create a specific look, and the avatar will glow next to user comments in Reddit communities.

In the early access phase, only members of the invite-only subreddit r/CollectibleAvatars will be able to buy the limited edition avatars. Community members will receive information about setting up their wallets, information about the artists, and behind-the-scenes posts about profile pictures. The avatars will sell for fixed prices ranging from $9.99 to $99.99.

Reddit users who aren’t part of the r/Collectible Avatars community will be able to buy avatars in a later phase on the Reddit avatar builder page,

Reddit is partnering with the Ethereum- compatible blockchain Polygon to mint the avatars. Reddit has also worked with artists from communities such as r/AdobeIllustrator, r/Comics, and r/ProCreate to create the phase one collection. Artists receive 50 percent royalties for secondary sales of the NFTs on marketplaces. Reddit receives the other 50 percent.

Reddit says that it sees blockchain as a way to empower its communities. The network has always been a model of decentralization and self-run communities, the company says. It says the NFT profile pictures is an early-stage blockchain project and that the company will explore additional technological tools to help the communities become more independent.

Reddit has previously released limited-edition NFTs based on its mascot Snoo. These NFTs are called CryptoSnoos. The company also has begun testing a feature that would allow its users to set any Ethereum-based NFT as their profile picture. Twitter already has a similar feature.

Over the past few months, other social media have begun experimenting with supporting the use of NFTs. Meta recently announced that it would support NFTs for digital collectibles created by specific artists on Facebook and Instagram. Facebook users will be able to post NFTs on their timelines and display information about the creator. Meta says it will also work on augmented reality NFTs.

The e-commerce company eBay also has launched a digital collection and acquired the NFT marketplace KnownOrigin last month. Spotify is testing a feature that would allow a select group of artists to promote digital collectibles on their profiles. Depending on the results of the test, the program may broaden. The startup Linktree also allows creators to showcase and monetize their NFT creations and curate a digital identity.

Source: https://techcrunch.com/2022/07/07/reddit-is-launching-a-new-nft-avatar-marketplace/

The Crypto News Talk Editorial Team delivers the latest news and updates from throughout the world of crypto. Crypto News Talk experts scour the cryptosphere 24/7 for the latest developments on Bitcoin, Ethereum, coins, exchanges, ICOs, NFTs, DeFi, and more, ensuring you get the relevant, groundbreaking crypto news and content you need when you need it most.

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