The venture will use the Polygon (MATIC) blockchain for decentralized trading and third-party sales, according to the firm.
Reddit, a portal for content aggregation, discussion, and ranking, introduced a brand-new avatar system on Thursday. The company announced that the avatars will be available to the general public in the coming weeks, though no specific release date was provided.
For the time being, Reddit is giving a small group of users who join the r/CollectibleAvatars forum first-look early access.
Avatars on Reddit: What’s up with them
A collection of limited-edition artworks known as Collectible Avatars are created by independent artists who are also Reddit users. Although the release noted that the artwork is kept on the Polygon(MATIC) blockchain, the new avatars can be bought for local currency.
Additionally, control over the Collectible Avatars is exercised through Vault, Reddit’s blockchain-based wallet that runs on chains compatible with Ethereum.
According to the announcement posted on Thursday on Reddit’s website, this most recent action intends to support artists who use the platform:
Our mission has always been to enable artists to produce and market their work. Artists are eligible for royalties on the secondary sales of their Collectible Avatars on open markets in addition to being paid for each Collectible Avatar that sells on Reddit, less any costs.
The new collection will be accessible on the website where Reddit users generally create their avatars. A Collectible Avatar could be used on Reddit as an avatar after it has been bought. The makers of the Collectible Avatars will reap the benefit of any future secondary sales, and owners of the Collectible Avatars will be eligible for special advantages.
According to the statement made on Thursday, “Collectible Avatars are now kept on Polygon, a general-purpose blockchain that is compatible with Ethereum. We choose Polygon because of its dedication to sustainability and minimal transaction costs.
However, Reddit stated that “Blockchain-backed Collectible Avatars are among the initial steps we’re taking to test out the potential benefits of this concept on Reddit,” despite the fact that the avatars aren’t strictly NFTs and that using cryptos to buy or sell them isn’t currently possible.
In relation to the features associated with the concept, Reddit also outlined the company’s future plans:
We believe that blockchain technology will one day assist Reddit communities to feel more independent and empowered.
Our communities are self-built and self-managed, and as part of our commitment to further empower our communities, we are looking into technologies to enable them to be even more self-sustaining and self-governed.
Reddit has long been a model for what decentralization may look like online.
Reddit has previously experimented with NFTs, releasing CryptoSnoos in February of this year.Despite the 2022 crypto meltdown, some businesses decide to expand.
Other recent NFT developments include the HOT WHEELS NFT GARAGE SERIES 3 SALES and a new DappRadar report indicating that platform wars for NFTs may be on the horizon.
While art-based tokens have gained a lot of traction in recent years, some have started considering expired copyrights as the next big NFT opportunity.