Reddit Is About To Launch NFT Avatars Built On Polygon: Report

Reddit is about to launch NFT avatars built on Polygon and this is only the latest move from the internet’s biggest social media platform so let’s read more today in our latest cryptocurrency news.

In the upcomign weeks, Reddit will be launching a new Avatar marketplace leveraging the NFTs hosted on the Polygon blockchain. Being home to online communities, the website will partner with artists and will create unique avatars that Reddit users can purcahse for a fixed price and can customize with gear, yielding the creators a piece of the sales.

Aside from the flex that Reddit is about to launch an NFt feature, the purchase of the avatars can give the owners a license to use the artwork both on and off the paltform. The profiles with Collectable Avatars set their profile image that will have a glow-like effect but these avatars will be only available for buying local currencies. There’s not an option right now nor can they be auctioned off either on the secondary markets like Opensea:

“In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit. Blockchain-backed Collectible Avatars are one of the early steps we’re taking to test out the potential benefits of this concept on Reddit.”

The marketplace is built around the Polygon blockchain because of its low-cost transaction and sustainability commitment as per the company’s press release. Alongside the Polygon marketplace, Reddit will launch an ETH-compatible wallet dubbed Vault. The website launched a new forum that will provide early access to the services and can enable people to set up their digital wallets early. Right now, the marketing avatars are in the style of retro toy commercials and stated they will be about 87 of the avatars to choose from.

The company launched the Avatar builder two years ago and enabled users to create a custom snoo which is an alien mascot that can be set as the profile picture of the accounts. They then floated the idea of connecting these snoos to the different NFTs and one spokesman even said that the smaller test and no decision was made about expanding this capability. Besides adding NFT features, Reddit launched a trial run for a crypto-powered version:

“Community Points are the first step towards a different future for online communities. These tokens live on the blockchain, which means they are truly owned by the community.
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Over time, your community will benefit from even greater control and independence—on and off of Reddit.”