Yet another fun bit of crypto-related news from the social-media corner: Reddit launched an avatar collection backed by Polygon's blockchain last Thursday (July 8, 2022). In this marketplace, users can buy digital avatars at set prices.
"The collectible avatars are supported by blockchain technology, giving buyers rights (a license) to use the art - on and off Reddit," the company said.
The avatars can be stored on Reddit's own wallet, Vault. This wallet has been around for some time and was previously only used to store earned community points and spend them on in-app features such as badges.
The avatar collection consists of some 90 different designs, created by a number of artists. However, tens of thousands will already be sold in the early-access phase, according to Reddit, so that shows that not every picture is unique. Initially, the avatars are only available to members of the invite-only subreddit /rCollectibleAvatars.
The avatars are on sale for prices ranging from $10 to $100 and can be purchased with a credit or debit card. So it is not necessary to create a crypto wallet in advance.
Reddit itself did not refer to the term "NFT" when it announced this avatar collection, but in essence the collection has everything in common with a stereotypical NFT collection. The fact that each image also has unique permissions reveals that these are actually just Reddit NFTs published on the Polygon blockchain.
Further, the company said that blockchain remains part of their long-term plans, adding, "We see blockchain as a way to bring more empowerment and independence to communities on Reddit."
More and more social media companies are immersing themselves in the world of cryptocurrencies and blockchain technology. Meanwhile, Facebook, Twitter, Reddit and Telegram, among others, have made “the switch," basically because crypto is becoming more and more a part of society and their users are otherwise looking for alternatives. So there is a good chance that this trend of social-media platforms and crypto will continue in the coming years.