What you should know about these Reddit NFTs

Major news from Reddit as it announced today a brand new collection of Collectible Avatars. The popular social media platform shared details of its new collectibles in a company blog post. And while the word NFT was conspicuously absent from the Reddit announcement, these Polygon blockchain-powered collectibles are clearly NFTs. So without further ado, let’s learn what these Collectible Avatars are all about!

What are the Reddit Collectible Avatars?

To be sure, Reddit’s announcement didn’t let loose all the details about its upcoming Collectible Avatars. In any case, it did give a pretty good idea of what we can expect. As well as its reasoning behind putting these NFTs out.

In short, the Reddit Collectible Avatars provide owners unique perks on the Reddit platform. Evidently, the progression of Reddit’s Avatar Builder inspired this series of avatars. To explain, Reddit launched that feature two years ago. The avatar builder allows Reddit users to generate and customize their own avatars for use on the platform.

Besides giving Redditors cool unique avatars for their profiles, the Reddit NFTs come with a couple of other fun quirks. For example, users setting up their Collectible Avatar on their profile can mix and match their avatar’s gear with other Reddit accessories. What’s more, profile images with Collectible Avatars will have a glow-like effect in the Reddit comment section.

Significantly, the Collectible Avatar NFTs gave Reddit a way for artists to share their art with the Reddit community. Not to mention that it gives them a way to make money from their work. To that end, Reddit will only be taking 5% of sale proceeds. Those funds will cover minting and blockchain fees while also supporting the Reddit creator program.

The rest of the proceeds from the Collectible Avatars will go to the artists that worked with Reddit. By the same token, the artists will also benefit from secondary sales.

Reddit has been slowly but surely planting its NFT flag

Reddit’s NFTs will be available for purchase in the coming weeks. While Reddit is yet to announce a price, they have confirmed that it will be a flat price and not an auction.

In addition, people will be able to purchase the Reddit NFTs with either crypto or fiat currency. Finally, Reddit is giving early access to a limited number of Redditors who join the r/CollectibleAvatars community.

Although it avoided explicitly labeling its Collectible Avatars as NFTs, Reddit has actually made moves in the NFT space in the past. For example, the platform was rumored to be working on its own NFT marketplace as far back as last October. By the same token, Reddit has introduced NFT PFP features, and even partnered with VaynerNFT to publish an educational whitepaper on NFTs.

Another link comes through Reddit’s co-founder and former CEO, Alexis Ohanian. To be clear, Ohanian is no longer directly involved in Reddit. In any case, he is a well-known supporter of NFTs and frequently invests in Web3 companies through his VC firm, Seven Seven Six.