HomeBitcoinWhy Will Reddit Launch NFTs On Ethereum's Polygon?

Why Will Reddit Launch NFTs On Ethereum’s Polygon?

-

Reddit, the popular social media platform, will introduce a new feature called Collectible Avatars. These blockchain-backed products are non-fungible tokens (NFTs) that operate on Polygon, Ethereum’s second-layer scalability solution.

 

The social media network has been testing the function since January 2022, but speculations regarding a possible release date back to 2021. According to Reddit, the endeavor is part of a series of steps to “empower” their self-managed community.

The social networking platform will offer an enhanced Avatar Builder in 2020, followed by Ethereum-based community points. Facebook has been expanding its crypto and blockchain capabilities.

The Collective Avatars are a step in the right direction. According to an official blog post, the new items will only be available in fiat cash. Users can currently join up for early access and view some of the collection’s pieces.

The platform collaborated with digital artists and granted them “freedom to create any sort of avatar” they desired. Every successful item sold on the platform and every secondary sale on NFT marketplaces will earn collaborators a portion. According to Reddit:

(…) 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 (…).

The Collectible Avatars, like the other NFT collections, will be one-of-a-kind goods created by independent artists. They will have unique outfits, designs, colors, trades, and more, as seen below.

Furthermore, individuals who use one of these digital goods as their social media avatar will be able to add clothing and accessories, and their image will be highlighted in the comments section with a “glow-like effect.”

Why Not Refer to Them as Reddit NFTs?

Because of its “low-cost transactions and sustainability goals,” the social networking platform opted to offer its NFT collection on Polygon. Blockchain technology, according to the company, is compatible with its decentralized goal. According to the official announcement:

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.

Users will be able to access the Collectible Avatars in the following weeks. A subreddit named r/CollectibleAvatars offers users previews of the products, more information on the collection, a how-to on how to set up a crypto wallet compatible with the Avatars, and more.

It’s odd that, despite the official announcement and the nature of the Collectible Avatars, Reddit does not refer to them as NFTs. It could be due to this social network’s strong gaming population and their hostility toward NFTs.

Leave a Reply

LATEST POSTS

Argo Blockchain Sells Bitcoin Mining Facility to Galaxy Digital Holdings in Struggle to Stay Afloat.

The Bitcoin mining crisis continues as miners continue to sell their facilities. Argo Blockchain saw its shares rise in London trading yesterday after agreeing to...

Cryptocurrency Winter to Last “At Least One More Year”, Says Octopus Network Founder.

Octopus Network, a multi-chain cryptocurrency network based on the NEAR protocol, has laid off around 40% of its core team and reduced salaries for the...

MicroStrategy Boosts Bitcoin Holdings with $42.8 Million Purchase.

MicroStrategy, the company co-founded by Michael Saylor, has announced that it has made further purchases of Bitcoin since November 1st. According to today's report, the...

China’s CBDC wallet relies on an age-old custom to increase adoption.

The digital yuan wallet app now includes a traditional Chinese method of donating money that has gone virtual with the rise of digital payments. China's wallet...

Follow us

0FansLike
3,691FollowersFollow
0SubscribersSubscribe

Most Popular

spot_img
%d bloggers like this: