On Thursday, American content sharing and public discussion platform Reddit is reportedly launching a new NFT-based avatar marketplace. A report by Techcrunch reveals that the new feature will allow users to buy blockchain-based profile pictures for a fixed price. The users can purchase them using their credit or debit card and thus do not need a crypto wallet.
No need for a crypto wallet
To create these avatars on-chain, Reddit has worked with Ethereum-compatible blockchain Polygon. To store and manage these NFTs, users can utilize the platform’s own blockchain wallet called Vault, which is accessible through the company’s native app. Currently, community points based on blockchain are earned through Vault and used to purchase specialized features like animated emojis and badges.
As we reported last year about Reddit’s plan to launch its own NFT platform, the social network is reportedly launching 90 different designs, with “tens of thousands” of NFTs available for purchase during this early-access phase.
The company reportedly stated that if you buy one of its limited-edition NFTs, you will be granted permission to use it as an avatar both on and off Reddit. These privileges do not compare to those that come with owning an NFT from the Bored Ape Yacht Club collection of Yuga Labs, which permits you to create products or TV shows based on the bored ape you own. Additionally, users can customize their avatar’s appearance using the merchandise found in the avatar builder, and the avatar will appear in communities next to your comments with a “glow-like effect.”
NFT avatars will be made accessible to invite-only members of the r/CollectibleAvatars subreddit today for a first look. Since there is no auction, the prices of all NFTs are predetermined and can be paid for with fiat currency.
Reddit is not new in the NFT industry
NFTs have been used by Reddit before. Weeks after Twitter unveiled a comparable option; the business started testing a feature that would let users set any Ethereum-based NFT as their profile photo earlier this year.
Notably, in December 2021, Reddit submitted a Confidential Draft Registration Statement for a proposed IPO.
