Reddit announces store front for limited editions of blockchain collectors’ avatars
Reddit, the “front page of the internet”, announced today that it is launching an upcoming store front that will bring a series of limited editions of blockchain-based Collectable Avatars that users can use to express themselves on social media.
Customizable avatars, cartoon portraits that stand for profile pictures, were introduced to Reddit in 2015 with Avatar Builder, which was then greatly expanded two years ago, and allowed mixing and matching of clothes, hairstyles and accessories. It opened new avenues for personal self-expression for users of the site.
With Collectable Avatars, Reddit wants to give artists and creators a chance to showcase their own work and create their own avatars and accessories to share with the community. As a result, the first series of Collectible Avatars will be in collaboration with these artists, and they will be paid for each time the limited edition avatars are purchased.
The first early access phase will include nearly 90 different Collectible Avatar designs with a total volume of limited edition avatars set in the tens of thousands.
Users who have these avatars can select them and mix and match their equipment with regular Reddit avatars. When they do, they will get a clear glow in profile pictures and comments that will distinguish them from other avatars, so that they can show that they are wearing a collectible.
To store and track the avatars, Reddit will use Polygon, an Ethereum-compatible blockchain, chosen for its fast, affordable transactions and commitment to sustainability. The avatars are stored as non-fungible tokens, which are a type of blockchain asset used to represent works of art, music and video game objects. As a result, they can be bought, sold and traded between users on the internet for cryptocurrency or money.
Users will be able to purchase the avatars for local currency, such as US dollars, and will not need to use cryptocurrencies.
This is another example of Reddit exploring the use of blockchain technology, which started with a pilot program called Community Points powered by blockchain-supported technology. The goal of the Community Points program is to allow users to gain ownership of their own participation and reputation on the site by holding cryptographic keys.
These keys are held in what is called Vault, a cryptocurrency wallet for Reddit. Community points are currently stored in the vault, and soon collector avatars can also be stored and administered in it. Community points can be used to purchase style marks, highlight colors for usernames, and reward other users by tipping them.
At present, collectibles stored in the vault cannot be sold or traded to other Reddit users, but they can be transferred to external marketplaces. Once transferred, users can sell and exchange them for cryptocurrency, and the buyer can transfer them back to Reddit and use it as an avatar.
“Reddit has always been a model for what decentralization can look like online,” the company wrote in the blog post about the announcement. With this new feature, the company said, it is taking “early steps” as part of a “mission to better empower” its communities to govern and run themselves.
By using blockchain-supported technology on Polygon, artists will be paid for the first purchase of their avatars, as well as receive remaining royalties when resold in secondary markets such as OpenSea and Rarible.
As for users who own Collectible Avatars, they will not only have access to limited edition artwork that they can display on Reddit and use as an avatar and mix and match equipment, but they will also receive a license to use the artwork on and off Reddit. It is similar to the owners of Bored Ape Yacht Club NFTs who receive derivative image rights from Yuga Labs, the publisher of the artwork.
While Reddit is preparing for the final release of Collectible Avatars, the company will slowly provide a limited number of members with early access. Users who get access to the first look will be able to join the ir / CollectibleAvatars community to learn more about the technology, how to buy the avatars, how to set up wallets and get to know the artists.
The store front and Collectable Avatars will be available to everyone in the coming weeks after the early access period.
