NFT Although the popularity of non-fungible tokens (NFTs) has prompted social networking sites to integrate them. Reddit has been one of the slowest platforms to include them in its site and app. However, they recently launched a “blockchain-backed Collectible Avatars” offer, showing they are embracing the movement.
Prospective buyers can avail of the limited-edition avatars and customize them in the Avatar Builder. Using works made by independent artists partnered with Reddit.
The Collectible Avatars will have a “glow-like” effect when they post in the comments sections. Along with a visual look similar to the hexagon shape of NFT avatars on Twitter. In addition, the NFTs have unique numbers with multiple avatars of each design on sale.
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The Vault, a smart contracts wallet on Reddit. Where users save their community points, is where the avatars are put and secure. The NFTs can be offer on secondary markets like OpenSea and SuperRare once they are ready. On Reddit, however, they cannot be purchase directly.
Since the NFT boom last year, NFTs have been controversial in many communities. Due to backlash to the concept of additional Digital Rights Management or DRM. Many have echoed Bill Gates’ sentiments of the greater fool theory, noting that the blockchain energy used impacts the environment.
Reddit explained that the purpose of the NFT avatars is to empower artists. Citing that the series has contributions from artists who post on subreddits like r/Comics and other artists from the network.
Who are bringing their talent to Reddit for the first time.
Despite the issue of fraud on NFT marketplaces and Twitter, Reddit spokesperson Tim Rathschmidt explained that the platform took measures to prevent similar problems by partnering with a small group of artists, applying compliance checks to compensate for their participation, and performing an extensive cross-functional review of the submitted designs to check their authenticity.
The Collectible Avatars also uses the Polygon blockchain to keep transaction costs energy-efficient.
Rathschmidt disclose that Reddit only receives a 5% cut in order to pay for blockchain costs, minting, and creator support programmes. The rest of the profits will go to artists.
Reddit will also avoid cryptocurrency transactions, meaning prospective owners will have to use government-issued currencies.
The Collectible Avatars will be available to a limited number of Redditors on the r/Collectible Avatars community, with informative posts on the program and behind-the-scenes interactions with artists.
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