Reddit offers collectible avatars based on the Polygon blockchain. There are no real NFTs yet, but soon.
Popular website Reddit has announced a new blockchain-based avatar system. Without giving an exact availability date yet, it should be available to the general public in the coming weeks. For now, only a select few of those who have joined the r/CollectibleAvatars community can take advantage of this.
Reddit Offers Collectible Avatars Powered by the Polygon Blockchain
The avatars in question are limited edition works of art created by independent artists and the users of the site themselves. They can be purchased in local currency and are stored on the Polygon blockchain. The management itself is provided by Vault, a Reddit wallet that runs on Ethereum compatible blockchains.
“Our goal is to enable artists to create and sell their work. Artists will be paid for each collectible avatar sold on Reddit, minus any fees, and will also be eligible to receive royalties from secondary sales of their collectible avatars in open markets.”
These avatars will be available where Reddit users usually create their avatars. After purchase, it can be used like any avatar, but the owners of such an avatar will receive unique benefits. Creators, on the other hand, will receive a percentage of secondary sales.
There are no real NFTs yet, but soon
It should be noted that these avatars are not true Non-Fungible Tokens (NFTs) at the moment, as cryptocurrencies are not (yet) part of the process of buying or selling, but this is “one of the first steps we are taking to test the potential benefit of this concept on Reddit.”. […] Going forward, we see blockchain as a way to bring more autonomy and independence to communities on Reddit. Reddit has always been a blueprint for what decentralization on the web can look like; our communities are built and self-governed, and as part of our mission to empower our communities, we are exploring tools to help them become even more empowered and self-governing.”