Reddit is launching its NFT-based avatar marketplace, enabling users to buy blockchain-based profile pictures for a predetermined price.
These limited-edition collectible avatars will soon be available for purchase in the Reddit Avatar Builder, with proceeds going to artists who design them.
The company said that you will not need cryptocurrency to purchase these avatars, meaning they can be bought through local currencies, such as dollars in the U.S.
About two years ago, Reddit launched its new Avatar Builder, allowing users to generate and customize their own personal avatar – a unique way to display identity on Reddit. The new marketplace will build on that.
"In the future, we see blockchain as one way to bring more empowerment and independence to communities," the Reddit team said. "Our communities are self-built and run, and as part of our mission to better empower our communities, we are exploring tools to help them be even more self-sustaining and self-governed."
The Collectible Avatars are backed by blockchain technology, which will give purchasers rights to use the art – on and off Reddit.
The NFTs will be available on Polygon, a general-purpose, Ethereum-compatible blockchain.
"We chose Polygon for its low cost transactions and sustainability commitments," Reddit said in an announcement.
The Reddit Team said this announcement is a big step in empowering its network of artists.
Aspiring artists interested in being featured in its upcoming release are encouraged to join its creator waitlist. Artists will earn and receive royalties from primary and secondary sales of their avatars.
