Reddit claims that its focus is on the potential to empower artists.

Reddit new NFT Avatar Marketplace launching today!

Reddit is introducing a brand-new NFT-based avatar marketplace today that enables you to pay a set price to buy blockchain-based profile photos. Your credit or debit card should work just fine to purchase them, according to the business, and you can store them using Reddit's own wallet application.

The social network claimed to be launching 90 different designs, with "tens of thousands" of NFTs available for purchase during this early-access phase.

The business stated that if you buy one of its limited-edition NFTs, you will be granted permission to use it as an avatar both on and off Reddit. These privileges do not compare to those that come with owning an NFT from the Bored Ape Yacht Club collection of Yuga Labs, which permits you to create products or TV shows based on the bored ape you own. Additionally, you can customize your avatar's appearance using the merchandise found in the avatar builder, and the avatar will appear in communities next to your comments with a "glow-like effect."

NFTs have been used by Reddit before. Weeks after Twitter unveiled a comparable option, the business started testing a feature that would let you set any Ethereum-based NFT as your profile photo earlier this year. Limited-edition NFTs based on Reddit's mascot Snoo were made available last year under the name CryptoSnoos.

Redditors' community points are now saved in the Vault, a blockchain-powered wallet on Reddit, where collectible avatars are kept and managed. They can be bought and sold on secondary markets like OpenSea and SuperRare, but not directly on Reddit, at least not at launch.

As this series features contributions from artists who post on subreddits like r/Comics as well as other artists "from our networks who are bringing their work to Reddit for the first time," Reddit claims that its focus is on the potential to empower artists. Tim Rathschmidt, a spokesperson for Reddit, tells The Verge that the company worked with a small group of artists, implemented compliance checks for their participation, and carried out a "extensive, cross-functional review of all designs for their authenticity" to prevent fraud, which has been a problem on NFT marketplaces and was a concern when Twitter launched its NFT pictures.

In terms of finances, Reddit takes a 5 percent cut, which goes toward minting and blockchain costs as well as running the creator program. Additionally, Reddit is staying out of cryptocurrency transactions by requiring all payments to be done in official tender, much like when purchasing Reddit Coins or Premium. The rest goes to artists who have a method for their work to "live beyond the virtual confines of Reddit (and be reimbursed for future sales of their art)," according to Rathschmidt.

The r/CollectibleAvatars forum, which will feature postings with information about the program and behind-the-scenes interactions with artists, will initially be home to a "limited number" of Redditors who join.

Written By

Petrache Ionut

Jul 8, 2022