Reddit Announces Collectible Avatar Series

In the coming weeks, Reddit announced that it will launch a new Reddit Avatar Collectible marketplace hosted on Polygon's Blockchain, leveraging NFTs. Users will have the opportunity to pay with credit and debit cards in this marketplace. Initially, users could use Reddit's NFT collection CryptoSnoos series as their profile picture. Now, the company has decided to extend the NFT profile picture feature to all NFTs. Finally, the company announced that it will launch an NFT-based Avatar marketplace.

Reddit, the website home to countless topics and online communities, will partner with independent artists to create avatars that users can purchase for a fixed price. It will also give creators a cut of the sales. In short, Reddit Collectible Avatars will provide unique benefits to owners on the Reddit platform. Also, the progress of Reddit's avatar creator inspires this avatar series. To explain, Reddit launched this feature two years ago. The avatar creator allows Reddit users to create and customize their own avatars for use on the platform. In addition to giving Redditors great unique avatars for their profiles, Reddit NFTs offer some fun features. For example, users who set up their avatar on their profile will be able to mix and match their avatar's gear with other Reddit accessories. What's more, profile pictures with Collectible Avatars will have a glowing appearance in the Reddit comment section. In addition, the purchase of these avatars will grant their owners a license to use the artwork on Reddit and elsewhere. Collectible Avatar NFTs provide Reddit with a new way for artists to share their art with the Reddit community. To this end, Reddit will only receive 5 percent of the sale proceeds. These funds will support Reddit's creative program while also covering NFT minting and Blockchain fees. The rest of the proceeds from Collectible Avatars will go to the artists working with Reddit. Likewise, the artists will also profit from secondary sales. While Reddit has refrained from explicitly labeling Collectible Avatars as NFTs, we know that it has made moves in the NFT space in the past. For example, it was revealed that the platform was working on its own NFT marketplace until last October. Likewise, Reddit has introduced NFT PFP features. It even partnered with VaynerNFT to publish an educational whitepaper on NFTs. Reddit co-founder and former CEO Alexis Ohanian's interest in the NFT space is well known. To be clear, Ohanian is no longer directly involved in Reddit. But he is a well-known supporter of NFTs. He also frequently invests in Web3 companies through his VC firm Seven Seven Six.   Source: nfxhaber.com