Social Media Giant Reddit Launches New Crypto-Based Collectible Avatar Marketplace

Social media giant Reddit is announcing a new marketplace for crypto-based collectable avatars on the popular Ethereum (ETH) Layer 2 blockchain.

According to the new company Blog post, Two years after setting up their own avatar builder for their users, social news aggregators will launch the Collectible Avatars storefront on Polygon (MATIC).

“About two years ago, we released a new and improved avatar builder that allows anyone to generate and customize their own avatars. This is a unique way to display your ID on Reddit …

Seeing the avatars take off, we thought what if we licensed Reddit-licensed artists to create the style of avatars they wanted? And what if these artists could introduce their art to the entire Reddit community and help them make it easy to make money for their work? Our new Collectable Avatar Storefront does just that …

Collectable avatars are currently stored on polygons, a generic Ethereum compatible blockchain. We chose Polygon because of our low-cost transaction and sustainability efforts. ”

According to Reddit, avatars will be available for purchase to all users “in the coming weeks” and storage and management will be available as follows: VaultEthereum compatible crypto wallet.

“Collectible Avatars will be available to everyone in the coming weeks, but today we will allow early access to a limited number of Redditors to join the Collectible Avatars community … to store and manage Collectible Avatars. , Redditor uses Vault a wallet using Reddit’s blockchain. ”

According to the post, the user who purchased the avatar has the right to use the avatar inside and outside Reddit.

“The collectable avatars are backed by blockchain technology, giving buyers the right (license) to use art inside and outside Reddit.”

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Featured image: Shutterstock / Kiselev Andrey Valerevich