Reddit Debuts a New NFT Avatar Marketplace

Reddit, a prominent global social media network located in San Francisco, announced on Thursday the introduction of a new NFT-based avatar marketplace that allows users to purchase blockchain-based profile photos for a set price.

Users do not require a crypto wallet to purchase digital images, according to the company. A credit or debit card is required to make a transaction, and customers can keep their digital assets using Reddit's own wallet product.

In a statement, the company said: “Collectible avatars are backed by blockchain technology, giving purchasers rights (a license) to use the art – on and off Reddit.”

Users can mix and match the appearances of their avatars by using the tools offered in Reddit's avatar builder. As a result, the avatar in communities will have a “glow-like effect” next to a user's comments.

Reddit announced a collaboration with Polygon, an Ethereum-compatible blockchain, to create such avatars on-chain. Users can store and manage such NFTs using Reddit's blockchain wallet, Vault, which is available in the company's native app. Consumers currently utilize Vault to earn blockchain-based community points and spend them on perks like badges and animated emojis.

The NFT avatars will initially be available to members of the invite-only subreddit r/CollectibleAvatars. All NFTs, according to Reddit, have a fixed price and may be purchased using fiat currency such as US dollars. These NFT avatars are priced at $9.99, $24.99, $49.99, $79.99, or $99.99.

For users who are not members of the aforementioned communities, Reddit stated that similar collectible avatars would be available for purchase on its avatar builder page over the next few weeks for anyone.

Why Are Social Media Companies Embracing NFTs？

This is the initial iteration of Reddit's NFT efforts. The project is part of Reddit's ongoing endeavor, which began late last year. Reddit began testing a feature in January that allows users to set any Ethereum-based NFT as their profile picture. This came just a few days after Twitter introduced a similar tool that allows users to designate their NFTs as profit pictures, where the photos include information about the NFT when clicked and show as hexagon-shaped images to distinguish them from the regular (standard) Twitter profile picture.

These social media companies are aware that such crypto-related features (NFT profile images) are in high demand from users looking to utilize them as a status symbol - digital bling.

Many social media businesses are also working to make NFTs available on their platforms. Instagram and YouTube have lately expressed their interest in NFTs. Meta Inc (previously Facebook) intends to construct a comprehensive NFT marketplace.

While most NFTs are sold through specialized marketplaces (such as SuperRare, Decentraland, and Opensea), social media platforms (such as Reddit, Twitter, and Facebook) are also scrambling to build their own NFTs sites. NFTs are mostly used to certify digital arts. They are used to display digital creations by users (mostly celebrities and digital collectors). This is where social media comes in, as the platforms, along with their virality-optimized algorithms, are ideal for this.

As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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