Reddit, the “front page of the internet,” said on Thursday, 08th July 2022, that it would soon open a marketplace where users can purchase a limited-edition collection of Collectable Avatars built on blockchain and used to express themselves on social media.
These Reddit avatars with blockchain support are kept on the Polygon network. In addition, Reddit’s own blockchain wallet, Vault, which is presently used to collect blockchain-based community points and utilize them on in-app features like badges, can be used to store and manage the avatars.
Reddit has used blockchain technology previously; in July 2021, this social media and discussion platform was experimenting with Arbitrum’s layer two (L2) technology using ETH-based community point tokens. In October of the following year, Reddit posted for a senior developer for a platform that offers “NFT-backed digital goods.” In addition, it was said that Reddit was testing the NFT profile photo features in January 2022.
These valuable avatars will have the right to be used on other online platforms by their owners. However, the rights won’t be as broad as they are with Yuga Lab’s Bored Ape Yacht Club (BAYC) NFT collection, which permits the usage of cartoon characters in things like merchandise and TV shows.
Benefits to the Independent Artists
Artists will be paid for the first purchase of their avatars via the blockchain-based technology on Polygon, as well as residual royalties when those avatars are resold on secondary marketplaces like OpenSea and Rarible.
Users who have Collectible Avatars get access to limited-edition artwork that they may use as their avatars, mix and match items, and promote on Reddit. They also have permission to use the artwork both on and off Reddit.
After the early access period, everyone will be able to access the marketplace and collectible avatars.
