Reddit said that the initiative will use the Polygon (MATIC) blockchain for decentralized trading and third-party sales.
Reddit, a platform for content aggregation, discussion, and ranking, unveiled a brand-new avatar system on Thursday. The business stated that the avatars will be accessible to the general public in the coming weeks, though no specific release date was provided. For the time being, Reddit is giving a select group of users who join the r/CollectibleAvatars forum first-look early access.
Limited-edition works of art known as Collectible Avatars were produced by independent artists who are also Reddit users. Local currencies can be used to buy the new avatars, but according to the statement, the artwork is kept on the Polygon (MATIC) blockchain. Additionally, control over the Collectible Avatars is exercised through Vault, Reddit’s blockchain-based wallet that runs on chains compatible with Ethereum.
According to the notice posted on Thursday on Reddit’s website, this most recent action intends to support artists who use the service:
“From the start, our goal has been to empower artists to create and sell their work. Artists will get paid for every Collectible Avatar that sells on Reddit, less any fees, and are also entitled to receive royalties from secondary sales of their Collectible Avatars on open marketplaces.”
The new collection will be accessible on the website where Reddit users typically create their avatars. A Collectible Avatar can be used on Reddit as an avatar once it has been purchased. The makers of the Collectible Avatars will receive a portion of any future secondary sales, and owners of the Collectible Avatars will be eligible for special advantages.
From the declaration on Thursday, “Collectible Avatars are currently stored on Polygon, a general-purpose, Ethereum-compatible blockchain. We chose Polygon for its low cost transactions and sustainability commitments.”
However, Reddit stated that “Blockchain-backed Collectible Avatars are one of the early steps we’re taking to test out the potential benefits of this concept on Reddit,” despite the fact that the avatars aren’t strictly NFTs and that using cryptocurrencies to buy or sell them isn’t currently possible.
In relation to the features associated with the concept, Reddit also mentioned the company’s future plans:
“In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit. Reddit has always been a model for what decentralization could look like online; 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.”
Reddit has previously experimented with NFTs, releasing CryptoSnoos in February of this year.
Despite the 2022 crypto meltdown, some businesses decide to construct. Other recent NFT developments include the Lamborghini-sponsored GT racing team’s decision to use NFTs to authenticate auto parts and a new DappRadar report indicating that platform wars for NFTs may be on the horizon. While art-based tokens have gained a lot of traction in recent years, some have begun to consider expired copyrights as the next big NFT opportunity.
