Reddit has launched its ‘Collectible Avatars’ marketplace. In an announcement on its official blog on 7 July, the social networking site said that the ‘blockchain-backed’ feature will let users on Reddit, popularly known as Redditors, create, buy and sell unique avatars of the site’s universally famous mascot name Snoo.
According to Reddit, the avatars will be limited edition and will help independent artists earn revenue.
However, it is noteworthy that even though the Collectible Avatars appear more like non-fungible tokens (NFTs) such as the apes of Bored Ape Yacht Club (BAYC), Reddit refrains from using the word ‘NFT’ in its announcement.
More about Reddit’s Collectible Avatar marketplace
Who are the designers?
Reddit’s official page on the platform reads, “Designed by some of Reddit’s most passionate visual creators, these limited edition Collectible Avatars will soon be available for purchase in the Avatar builder, with proceeds going to the artist who designed them.”
Reddit says that the artists for the first collection have been picked from its own dedicated communities such as r/Comics, r/AdobeIllustrator and r/imsorryjon.
Catch ’em while you can! Collectible Avatars are limited-edition creations designed by some of Reddit’s most passionate artists. 💥
Sign up for early access by joining r/CollectibleAvatars: https://t.co/sxF1OOohvH #RedditCollectibles pic.twitter.com/XtwaDqNC4u
— Reddit (@Reddit) July 7, 2022
As per the company anyone can become a featured artist in future releases by showcasing their work with other Redditors and joining the official waitlist.
Artists will get paid for each Collectible Avatar sold on the platform.
What can users do with the avatars?
Collectible Avatars can be set as the user’s avatar on Reddit. The company says that the avatar gear can be mixed with other Reddit avatar gear and accessories to get a “glow-like effect” on the profile image in comments sections.
The avatars are stored on Polygon blockchain, which is compatible with Ethereum. Reddit underlined that Polygon was picked for “its low cost transactions and sustainability commitments.”
How to purchase Reddit avatars?
Users who wish to purchase the avatars can join the r/CollectibleAvatars community, where all details are available. Once purchased, the avatars can be stored by the users in Vault, Reddit’s blockchain-powered wallet, and they become available for use “on and off Reddit.”
The most unique feature is that the avatars can be bought by fiat currency (legal tender such as SGD or USD) of the countries where the Collectible Avatars marketplace is available.
“You do not need cryptocurrency to purchase these avatars, nor are they being put up for auction. Each avatar has been priced at a fixed amount and is purchasable with fiat (government-issued) currencies,” says Reddit.
TechCrunch reports that the avatars are currently priced between USD 9.99 and USD 99.99.
(Main and Featured image credit: Reddit Inc.)