Elaine Jean Tech 07.08.2022 06:Jul AM EDT

Reddit Is Releasing Blockchain-Backed Collectible Avatars

Reddit is rolling out a new set of avatars based on blockchain technology.

Reddit is a popular social media platform that maintains its users' anonymity. On the platform, users are given an image of different avatars to choose from to make their profile picture.

These avatars will represent the user's identity on Reddit, and they come in different shapes, kinds, sizes, and designs. Additionally, users can also customize their own avatar.

These collectible avatars are going to make use of the Polygon (MATIC) blockchain in order to provide decentralized trading and sales through third parties.

Reddit's Newest Avatars

Reddit has announced the launch of a new collectible avatar storefront that will be supported by blockchain technology.

The website is making one of its first ventures into blockchain-based technology by releasing a fresh take on non-fungible tokens (NFTs) with collectible avatars.

Collectible Avatars are a set of limited-edition artwork created by independent artists in partnership with Reddit who are also users of the Reddit website themselves.

These new avatars that are available on the blockchain can be bought, as opposed to being available for free like some of Reddit's avatars.

According to Kotaku, "you can buy an Avatar for as much as $99.99 or as little as $9.99."

They are also available on Reddit Premium, and the artists who created them will receive payment for each collectible avatar that is sold.

Buyers of collectible avatars are granted the rights or license to use the artwork, both on and off of Reddit, courtesy of the backing of blockchain technology.

These avatars can be purchased by users without the use of cryptocurrencies, and there are no plans to put them up for public bidding.

Each avatar can be purchased with fiat currency, which is money that is issued by a government.

According to Cointelegraph, Reddit said that one of their goals is to empower artists to create and sell their art work.

The company added, "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."

Additionally, the Vault, Reddit's blockchain-powered wallet that operates on chains compatible with Ethereum, is used to manage the avatars and is responsible for their administration.

How To Purchase the Collectible Avatars

A few of the users have expressed their uncertainty over whether or not they will be able to acquire the avatar.

However, Reddit has clarified in the announcement that once the collectible avatars have been made available to the public, they will be accessible to all users.

Reddit has only just introduced this brand new project to the general public and has not yet said when it will be made available.

Although Reddit announced that the avatars would be accessible within the next few weeks.

The social media website then proceeded to provide its users with a sneak peek and early access to what will be in store for the opening of the community subreddit r/CollectibleAvatars for Redditors who are a part of that subreddit.

Reddit went with Polygon because of its dedication to sustainability and the relatively inexpensive cost of its transactions.

In addition, the administration of the Collectible Avatars is managed using Vault, which is Reddit's blockchain-powered wallet that operates on chains that are compatible with Ethereum.