Reddit Announces Launch of NFT-Based Avatar Marketplace

Social communities platform Reddit is launching a new non-fungible token-based (NFT) avatar marketplace, enabling users to purchase blockchain-based profile pictures at a fixed rate.

In this early-access phase, 90 different designs of NFTs are being released in the “tens of thousands,” according to Reddit’s announcement. Initially, NFT avatars will only be available to members of the r/CollectibleAvatars invite-only subreddit for a first look, with listed prices ranging from $9.99 to $99.99. 

The company emphasized that owners of its limited-edition NFTs will have licensing rights to use them on and off Reddit as an avatar. These avatars’ looks can be mixed and matched with merchandise available in the avatar builder. Users’ avatars will also have a “glow-like effect” next to their comments in communities.

According to Reddit, these collectible avatars will be available for everyone to buy on its avatar builder page in the coming weeks. Until then, community-members will receive behind-the-scene posts about the one-off profile pictures, exclusive Ask Me Anythings (AMAs) by artists, and details about setting up a wallet

In order to mint these avatars on-chain, Reddit has partnered with Ethereum-compatible blockchain Polygon. The NFTs can be stored and managed using  Reddit’s own blockchain wallet called Vault, available on the firm’s native app.

Reddit NFT features

For Reddit, this marks a deeper foray into NFTs. Earlier this year, the company began testing a feature allowing users to use Ethereum-based NFTs as their profile picture. While these NFT profile pictures are early-stage blockchain projects, Reddit said it wants to explore more features with the tech.

“In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit,” the company said in a statement.

“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.”