Reddit to launch blockchain-based collectible avatars store

(Representative Image)

Content aggregation and discussion website Reddit has announced the launch of a blockchain-based store where independent artists can make collectible avatars of their choosing, showcase their art to the platform’s community and earn money for their work.

A personal avatar is a unique way to display identity on Reddit.

While the official store launch date has not been announced, the company said collectible avatars will provide owners with unique benefits on Reddit.

To store and manage collectible avatars, redditors will use their Vault, an Ethereum-compatible, blockchain-powered wallet on Reddit where users currently store community points.

The collectible avatars will be available at fixed prices and can be bought using fiat currencies like the US dollar. Artists will be paid for each avatar sold. Stored on the Polygon blockchain, the buyers will have the right to use the art on and off Reddit.

“In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit,” the company said in a statement on July 7. “Blockchain-backed collectible avatars are one of the early steps we’re taking to test out the potential benefits of this concept on Reddit.”

The company said its goal from the start 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 on open marketplaces,” it added.

The company launched an avatar builder two years ago, enabling users to create a custom Snoo, the nickname given to Reddit’s alien mascot that could be set as a profile picture for accounts.