Reddit is the latest company to take its first tentative steps into the blockchain industry, specifically, with the Polygon (MATIC) blockchain.
An immensely popular discussion site, Reddit announced their experimentation with digital ‘collectible avatars’ for its users this week. And though a timeline has not been officially set for its release, users can expect it to be available in the coming weeks.
These collectibles are designed and curated by artists who also use the platform (otherwise known as Redditors). At the moment, access has been restricted to those who are part of the r/CollectibleAvatars community, but will gradually open up to all users soon after. The initial number of avatars to go for sale according to Reddit is in the ‘tens of thousands’, with around 90 unique designs.
Though not explicitly called NFTs, these collectible avatars definitely share some characteristics with them. Namely, the artwork will be stored on the Polygon network and avatars can be managed through Vault, Reddit’s own blockchain wallet that is Ethereum compatible.
Once purchased, a collectible avatar can be used as a redditors personal avatar on or off the site. Owners of a digital collectible will be able to receive unique benefits and creators will also be able to receive royalty fees.
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However, on the flip side, there are a couple differences between the avatars and NFTs too. For example, one aspect which may come as good news to many is that the prices of these avatars are fixed at multiple points ($9.99, $24.99, $49.99, $74.99 and $99.99). Additionally, they can only be purchased with standard credit or debit cards despite the integration with blockchain technology.
According to Reddit, they see future inclusion of blockchain as a form of “empowerment and independence to communities” on their platform. They pride themselves on being a model “for what decentralization could look like online [where] communities are self-built and run.” That said, this release is one of the first steps they’re taking to gauge the level of benefit blockchain brings to Reddit.