Reddit Releases Own NFT Collection on Their New NFT Marketplace

Reddit releases a non-fungible token (NFT) collection, in the form of collectible avatars backed on the Polygon blockchain, according to an announcement on Thursday.

This brings Reddit to the forefront of the NFT world, not only by releasing their very own NFT collection, but also in making them available on Reddit’s new NFT marketplace. This announcement comes several months after it was reported that Reddit was preparing to create an NFT marketplace after listing jobs related to the project on their website. Here is a live look at their new NFT marketplace: 

Reddit is allowing first-look early access to a limited number of redditors who join the r/CollectibleAvatars community, and will eventually be made accessible to everyone in the coming weeks. In that community, select users can set up wallets to store their purchased NFTs, purchase NFTs and get to know the creators behind each NFT. 

Once users purchase an NFT, they can then use that avatar for their Reddit profile. At the moment Reddit accepts Visa, Mastercard and American Express credit cards as payment. Reddit emphasized that purchasers do not need to own any cryptocurrency to participate in this opportunity. 

Many of the artists Reddit teamed up with for this collection are from popular Reddit communities like r/Comics and have cultivated their skills through other Reddit communities like r/Procreate and r/AdobeIllustrator. In addition, Reddit worked with artists who are just now bringing their artwork in the form of avatars to Reddit for the first time. 

Reddit wants to empower creators through this process and are thus giving creators a piece of the pie with each NFT they sell on the platform and leaving room for them to receive royalties from secondary sales on open marketplaces. 

Reddit has had a long history with avatars on the platform, as users display them on their profiles. About two years ago Reddit launched a new and improved avatar builder, allowing anyone the ability to create and customize their own personal avatars. From there they felt it was inevitable to create NFT-avatars for their users, while simultaneously supporting creators. 

Author: Tyler Irvin

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