According to Reddit, the NFTs were minted on Polygon, and royalties from secondary sales would be split equally among the artists who worked on the project.
According to source, Reddit has launched a non-fungible token (NFT) marketplace specifically for profile pictures and avatars.
According to the report, the company plans to release 90 different NFT avatars for fixed prices of $9.99, $24.99, $49.99, $79.99, and $99.99.
Users of the social media site do not need a crypto wallet to purchase NFTs because they can do so with a credit or debit card and store them in their Reddit Vault.
Vault is used by Reddit users to store community points and purchase app features. Purchasing one of the limited editions NFTs entitles the owner to use it as their profile picture across all social media platforms.
Meanwhile, users can use the avatar builder to customize their Avatar’s appearance using the available merch. The avatar will also glow next to those who use its comment.
Polygon has minted the avatar collection on layer two blockchain (Matic). As a result, they would be compatible with Ethereum (ETH).
This is not the first time that Reddit has incorporated NFT into its product. After Twitter released a similar feature, the company tested NFTs for profile pictures earlier this year. It also released CryptoSnoos, a limited edition NFT collection inspired by its mascot, Snoo, last year.
To read our blog on “3AC failed. what will happen to its multi-million dollar NFT collection next?,” click here
