Reddit announces new blockchain-supported ‘Collectible Avatars’
Content aggregation, ranking and discussion site Reddit announced a new blockchain-supported avatar system on Thursday. Although no official date was revealed, the company indicated that the avatars will be available to the public in the coming weeks. Currently, Reddit provides early access to a limited number of people joining the ir / CollectibleAvatars community.
Collectible Avatars is a set of limited edition works of art created by independent artists who are also users of the Reddit website. The new avatars can be purchased with local currencies, but the announcement said that the artwork is stored on the Polygon (MATIC) blockchain. In addition, the handling of Collectible Avatars is handled through Vault, Reddit’s blockchain-driven wallet that works on Ethereum-compatible chains.
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This latest move from Reddit aims to strengthen artists who use the site, as stated in Thursday’s announcement on their site:
“From the beginning, our goal has been to give artists the opportunity to create and sell their work. Artists will be paid for each Collectible Avatar that sells on Reddit, minus any fees, and also have the right to receive royalties from secondary sales of their Collectible Avatars in open marketplaces. »
The new collection will be available where Reddit users typically build their avatars on the site. Once a collectible avatar is purchased, it can be used as an avatar on Reddit. Collectible Avatars owners will be eligible to receive unique benefits and Collectible Avatar creators will receive a percentage of future secondary sales.
From Thursday’s announcement, “Collectible Avatars is currently stored on Polygon, a general Ethereum compliant blockchain. We chose Polygon due to low cost transactions and sustainability commitments.”
Reddit said the avatars are not real NFTs, and cryptocurrencies are not part of the process of buying or selling them yet, but indicated that “Blockchain-supported collectibles avatars are one of the early steps we are taking to test the potential benefits” with this concept on Reddit. “
Reddit also mentioned future visions of the company with regard to the concept’s related functions:
“In the future, we see blockchain as a way to give more authority and independence to communities on Reddit. Reddit has always been a model for how decentralization can look online; our communities are self-built and driven, and as part of our mission to To better empower our communities, we are exploring tools to help them become even more self-sustaining and self-governing. ”
This is not Reddit’s first entry into NFTs, the company released CryptoSnoos back in February this year.
In the midst of the cryptocurrency in 2022, some companies are choosing to build. Other recent NFT developments include a new DappRadar report showing that there may be NFT platform warriors ahead, and the Lamborghini-backed GT racing team’s decision to authenticate car parts using NFTs. While art-based tokens have been very popular in recent years, some have begun to look at expiring copyrights as the next potential NFT gold rush.
