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Reddit to Introduce Collectible Avatars Backed by Blockchain

Content aggregation, ranking, and discussion website Reddit, a popular platform among crypto enthusiasts, announced the launch of a new blockchain-backed avatar system on Thursday, July 14th.

Blockchain Avatars

While Reddit has not yet revealed the exact date of the feature’s release, the company expects to be able to introduce avatars to the community in the next few weeks. As it currently stands, Reddit has invited a select group of people to the ‘r/CollectibleAvatars’ subreddit, providing those members of the community with early access.

The Collectible Avatars project will use the Polygon (MATIC) blockchain for decentralized trading and third-party sales. According to Reddit, Polygon was specifically selected for its low-cost transactions, and its commitment to environmental sustainability. The blockchain is also compatible with Ethereum, making it an attractive option overall.

As part of the announcement, the company clarified that these collectible avatars are not technically NFTs, as cryptocurrencies play no part in the buying or selling of the digital collectibles. However, Reddit indicated that the blockchain-backed Collectible Avatars represented an early step in the platform’s plan to test the potential benefits of integrating NFTs.

The Work of Independent Artists

The newly revealed Collectible Avatars will feature limited-edition artwork created by independent artists on the Reddit platform. The company outlined that the project’s primary goal is to empower artists to develop and sell their work. Artists will be paid a share for every Collectible Avatar sold on the platform, as well as holding the entitlement to receive royalties from any secondary sales of their art on open marketplaces.

"From the start, our goal has been to empower artists to create and sell their work. Artists will get paid for every Collectible Avatar that sells on Reddit, less any fees, and are also entitled to receive royalties from secondary sales of their Collectible Avatars on open marketplaces," Reddit stated in the announcement on their website.

The new collection will be available on Reddit’s ‘Avatar Builder’, thereby enabling users will be able to purchase digital collectibles and use them as their avatars. For each avatar of their work that is purchased, the artist will also receive a percentage of the fee. The Collectible Avatars’ new owners will also become eligible to receive unique benefits.

As stated by Reddit, this project, and all future projects released on the platform, are orientated to empower the community.

"In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit. Reddit has always been a model for what decentralization could look like online; our communities are self-built and run, and as part of our mission to better empower our communities, we are exploring tools to help them be even more self-sustaining and self-governed," wrote the company.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Paulina is a writer, journalist, and digital craftswoman. She comes from anthropology, art & IT backgrounds, and her writing varies from screenplays for theatre, poetry, or culture to fintech and blockchain. On DailyCoin, Paulina covers in-depth stories and exclusive interviews.