The popular social network Reddit just launched a new NFT-based avatar marketplace that enables users to buy non-fungible token (NFT) profile pictures at fixed rates.
To launch the project, Reddit is dropping 90 unique designs and said that “tens of thousands” of NFTs will go on sale in the early-access phase. Users do not need a cryptocurrency wallet to make the purchase, but can use credit or debit cards.
The NFTs will be minted on Polygon, an Ethereum-compatible eco-friendly blockchain, and can be stored in Reddit’s native wallet Vault.
Purchasing an NFT grants users licensing rights to use the NFT avatar on and off Reddit. Reddit’s avatar builder also lets you mix and match your avatar’s clothes and accessories. The avatars will have a glow-like effect next to users’ comments in communities.
For the first collection, Reddit worked with artists from different Reddit communities such as r/ProCreate, r/Comics, and r/AdobeIllustrator. The artists who helped create the collection will receive a 50/50 split with Reddit on all royalties from secondary sales.
The company said the PFP avatars were just the beginning of its Web3 projects as it continues exploring more features with the nascent technologies. It believes blockchain technology is the way to empower its communities moving forward and added that the platform has always been a model of decentralization with user-built and run communities.
Members of r/CollectibleAvatars invite-only subreddit get first access to the NFT avatars, which have prices ranging from $9.99 to $99.99. The NFTs will be available to the public in the coming weeks on Reddit’s avatar builder page.
Reddit Is Busy in the Web3 space
This isn’t Reddit’s first foray into Web3 and NFTs. Earlier in the year, the company tested a feature to allow users to set and verify Ethereum-based NFTs as their PFP, similar to a function released by Twitter.
Reddit also released an NFT collection called CryptoSnoos, which consists of 1/1 NFTs based on Reddit’s mascot, “Snoos.” Only four CryptoSnoos have been released. The exclusive collection can be viewed on OpenSea.
And Reddit isn’t the only social platform investing in Web3. At Rarity Sniper, we’ve reported on several companies, from Meta launching NFT support on Instagram, eBay acquiring NFT marketplace KnownOrigin, Linktree entering Web3 with NFT integration, and Spotify selecting artists to promote NFTs on their profiles.
In other words, competition in Web3 among major social platforms and Web2 companies is starting to heat up. We’ll have to wait and see if Reddit’s collection is successful. But given it is one of the top-ten visited sites in the world and has a passionate user base, we think it has a good a shot as any.