NFTs have spread to us fairly quickly. Whether you’re a proponent of this technology or not, so far almost everyone has encountered NFTs every day, especially when we browse social networks.
Reddit is now the newest social network, integrating NFT support into its platform in the form of a “blockchain-backed collectible incarnation.”
What is Reddit’s bookmarkable avatar?
Following other major social media platforms such as Instagram, Reddit is integrating support for NFTs. The company announced the launch of a collectible avatar in a blog post.
The collectible avatars that the company describes as “limited edition avatars produced by independent artists in collaboration with Reddit” will be uniquely numbered, and several avatars of each design will be sold.
Reddit also stipulates that these collectible avatars are backed by blockchain technology, and you can use them on Reddit or not on Reddit. That means they’re really NFTs, though the company avoids using the term in its blog posts.
Reddit’s Collectible Avatars, which is currently stored on Polygon, an Ethereum-based blockchain, said it chose this blockchain because of its low transaction costs and sustainable commitments. However, Polygon does rely on the less sustainable Ethereum blockchain for security.
Reddit’s collectible avatar will have at least some benefits. For example, owners will be able to customize their collective avatars with other Reddit avatar gear and accessories to suit their needs. In addition, echoing Twitter’s hexagonal profile picture, when you set the collectible avatar to your profile picture, your avatar will have a similar glowing effect when displayed in the comments section.
Empower artists on Reddit
According to Reddit’s blog post, Collectible Avatars is designed to empower artists on Reddit, providing them with an easy way to showcase and monetize their work, as the series includes contributions from artists who often publish on popular subreddits.
In a statement from The Verge, Reddit spokesman Tim Rathschmidt said Reddit’s share is 5 percent for coinage, blockchain fees, and support for creator programs. The rest are owned by the artist.
This is actually good for both artists and Reddit. If you take a quick look at this social network, you’ll notice that the vast majority of users aren’t actually using their profile photos. Instead, they tend to use a custom version of Reddit’s mascot as avatars.
Given the popularity of the avatar customization feature in Redditors, collectible avatars may actually bring many artists’ work to a large audience.
How to buy Reddit’s bookmarkable avatar
General access to Reddit’s Collectible Avatars is live and you can purchase your own where you usually build your avatars on Reddit. The company emphasized in its blog post that the Collectible Avatars will not be put for auction and that each avatar is priced at a fixed amount to be paid with state-issued fiat currency.
Once purchased, the collectible avatars are stored in your Vault, a blockchain-powered wallet on Reddit that Redditors have been using to store their community points. You will also be able to sell your collectible avatars on the secondary market, such as OpenSea.
Reddit hitched a ride on the NFT express
Whether we support NFTs or not, they’ve made their way into several major social media platforms, and Reddit is no exception. Collectible avatar series does have the potential to bring the work of many talented artists to a wider audience and help them monetize their hard work.