Reddit has partnered with altcoin project Polygon to launch a series of Blockchain-based NFT avatars that can be set as profile pictures on the social media site.
Reddit chose this altcoin project for NFTs
The NFT craze may have cooled since the start of the year. But that didn’t stop Reddit from launching its own limited edition NFTs. The social network announced in a blog post Thursday that it has released a series of ‘Collection Avatars’ NFTs that users can set as profile pictures on the Reddit site.
The new avatars, in addition to being NFT, will be different from existing Reddit avatars. Because they will only be available for purchase at a new specialty store. They will also give buyers license rights to use them both on and off Reddit.
According to the announcement, the new NFTs will be hosted on Polygon. Reddit noted that the low fees and sustainability commitments of Ethereum-compatible Blockchain are a reason for preference. That’s why they chose Polygon over other altcoin projects for their new NFT.
According to TechCrunch, the initial release will feature 90 different designs in early access. Also, the total supply will be ‘tens of thousands’. Benefits of owning a Reddit Collection Avatar NFT include mixing and matching an avatar’s appearance with products available in the avatar generator, and a ‘glitter-like effect’ to accompany user comments in communities.
Invitees first, then general release
Reddit says that indie artists created all of the Collectible Avatars in the first series. According to the blog post, Reddit will pay the creators for each avatar sold. It will also be entitled to 50% of royalties from secondary sales in open marketplaces. Currently, only invited members of the r/CollectibleAvatars subreddit are able to purchase new NFTs. However, a general release is planned in the coming weeks.
Reddit’s list prices for NFT avatars range from $9.99 for the most expensive examples to $99.99. While avatars benefit from crypto technology, they can also be purchased with fiat currencies such as US dollars. Once purchased, avatars can be traded using crypto on NFT markets such as OpenSea and Rarible.
Social media’s interest in NFT continues
Reddit is just the latest of several major tech firms to show their belief in NFT technology. Meta, another of the internet’s biggest social media companies, made a return to Metaverse late last year. Also, he supported NFTs on Instagram. In addition, he made bold predictions about the possibilities of the digital collectibles economy. There has been a clear interest in the space since Meta’s move.
cryptocoin.com As you follow, Twitter has released its own limited set of NFTs. It also introduced an authentication feature earlier in the year. Meanwhile, Mark Zuckerberg said that Meta will add a similar verification feature to its apps in the future. eBay also released its own NFT collection to Polygon in May.
NFT technology has proven to be divisive since it entered the mainstream in 2021. The ongoing crypto winter has cast doubt on the future of the space as floor prices for previously sought-after collectibles have plummeted. Still, the rush to embrace innovation by big tech firms like Reddit shows that the space still has room to grow.
