NFTs News

Reddit Launches NFT Avatar Marketplace On Polygon

After nearly half a year of testing the feature to set NFT as an avatar, the day has finally come for Reddit’s NFT marketplace to be launched.

Reddit Launches NFT Avatar Marketplace On Polygon 3

Social network Reddit’s Polygon-based collectible avatar marketplace – allowing users to purchase blockchain-based profile pictures for a fixed rate – is open for business, the company said Thursday.

“Collectible Avatars are backed by blockchain technology, giving purchasers rights (a license) to use the art – on and off Reddit.”

Users can use their own crypto wallet Vault to store NFTs. Currently, Vault is also used to earn community points, which can be used to buy badges or emoticons on the platform.

Reddit will roll out 90 different designs with the total number of NFTs open for sale in the early stages revealed to be in the tens of thousands. The company notes that users do not need to have a crypto wallet to buy NFT, but can pay with a traditional credit or debit card. If you spend money to buy a limited edition NFT, users will be licensed to use it on and off Reddit.

Collectible Avatars

As of today, the NFT profile picture is available to members of the r/CollectibleAvatars subreddit. The project will soon announce details on wallet setup and an exclusive AMA schedule with artists.

There is no auction form, all NFTs are quoted at a fixed price in fiat currencies such as USD. List prices for avatars will be $9.99, $24.99, $49.99, $74.99 or $99.99. If you are not part of the above subreddit community, please wait to buy NFT on this site in the coming weeks.

The company has partnered with several artists from the r/Comics, r/ProCreate, and r/AdobeIllustrator communities for the first collection. Artists also receive royalties at a 50/50 ratio with Reddit from the sales of this NFT on exchanges like OpenSea and Rarible.

Earlier this year, Reddit began testing a feature that allowed users to set any Ethereum-based NFT as their profile picture. In 2021, the company released limited-edition NFTs called CryptoSnoos, based on its mascot “Snoo.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.