Reddit Launches NFT Avatars, But Won't Call Them NFT

Non Fungible Tokens(NFTs) Avatars

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Categories: Cryptocurrency

Reddit Launches NFT Avatars, But Won't Call Them NFT

Popular social media platform Reddit will launch a new NFT avatar collection leveraging the Polygon blockchain in the coming weeks – however, it has avoided any reference to non-fungible tokens, instead specifically using the term “collectible avatar” Is.

As well as being blockchain-based, the primary difference of the new collectible avatars from the existing avatars of Reddit is that they will be available for personal sale – all other Reddit avatars are either free or made available when a user subscribes to Reddit Premium. go. And despite their being blockchain-based, Reddit users will not need any cryptocurrency or crypto wallet to buy and store new avatars.

There has been speculation since October 2021 that Reddit may be planning to launch its own NFT platform, when it posted a job advertisement for a senior backend engineer with NFT expertise. Since then, Reddit has added other NFT-based features, such as the ability for users to convert their profile picture to NFT, which was launched in January of this year.

Reddit's 'collectible avatar' created by artists

Reddit's new avatars will be created by some of the platform's most passionate independent artists. Participating Artists will receive payment each time one of their Avatars is purchased and will also be entitled to royalties from secondary sales of their Avatars on external NFT Marketplaces.Buyers of the new NFT-based avatar will receive the rights to use the artwork on Reddit and off the platform.

Potential Benefits in Blockchain Tech

Reddit says it chose to use the Polygon blockchain for its new NFT-based incarnation because of the network's relatively low transaction fees and commitment to stability measures.Reddit users will be able to purchase new NFT-based avatars using their local fiat currency and they will be able to store them in Reddit's built-in crypto wallet, known as a Vault.

There are many benefits to using blockchain technology to power your new avatars, Reddit wrote in its announcement. It also sees blockchain as a technology that has the potential to further empower the communities built on its platform.

Reddit ,NFT Market Places ,Cryptocurrency, Blockchain technology, Crypto Wallet, NFT Avatars, Collectible Avatars, Polygon Blockchain 

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