HomeBitcoinWhy Will Reddit Launch NFTs On Ethereum's Polygon?

Why Will Reddit Launch NFTs On Ethereum’s Polygon?

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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.

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