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Reddit is launching a new blockchain-based NFT marketplace that will let users buy profile pictures for a set price, and according to the site, you won’t need a wallet to make a purchase, just your debit or credit card. Users will be able to store their purchases in a Reddit wallet.
There are at least 90 character designs and Reddit expects to sell thousands of NFTs to those with early access.
Via Reddit’s announcement, here is how their Collectible Avatars will be different:
- They are available for purchase (vs. being free or available via Reddit Premium), and artists will be paid for each Collectible Avatar sold.
- Collectible Avatars are backed by blockchain technology, giving purchasers rights (a license) to use the art – on and off Reddit.
- You do not need cryptocurrency to purchase these avatars, nor are they being put up for auction. Each avatar has been priced at a fixed amount and is purchasable with fiat (government-issued) currencies.
How redditors can get their own Collectible
Reddit is allowing “a limited number of redditors” from the r/CollectibleAvatars community early access. You’ll need to check in with that community to learn more about the purchasing process.
Once Collectible Avatars are available to everyone, users will be able to buy them with whatever their local currency may be (USD, Euro, the Pound). They’ll be able to store the avatars in Reddit’s blockchain-powered Vault. It’s a digital wallet akin to those crypto users are already familiar with, and it will live at a specific address and work on any blockchain compatible with Ethereum.
Giving control to Reddit artists
Reddit views the opportunity to make and pay for Collectibles as a way to give back to its community, noting in its announcement that a number of “the artists we worked with for this first series came from popular creative communities like r/Comics.” This holds true in sports memorabilia as well.
The avatars were also developed in collaboration with artists from the company’s networks who bring “their work to Reddit for the first time.” As far as Reddit is concerned, this in part fulfills a goal the social and news aggregation giant has always had to “empower artists to create and sell their work.”
Indeed, the original artist will be paid for every avatar sold (minus any transaction fees). Reddit says they will be “entitled to receive royalties from secondary sales of their Collectible Avatars on open marketplaces.”
Curiously, the Reddit announcement doesn’t mention NFTs or non-fungible tokens at all, even though these are essentially the same thing.
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