Reddit, the popular social network, has just launched a new avatar marketplace powered by Polygon's blockchain and utilizing non-fungible tokens (NFTs).

The Reddit platform, which hosts a plethora of forums and online communities, will collaborate with independent artists to create one-of-a-kind avatars that Reddit users can purchase for a set price and customize with gear, with the creators receiving a portion of the sales.

As part of the project's launch, Reddit will release 90 original designs, and it has been announced that "tens of thousands" of NFTs will be sold during the early phase. Users are not required to use cryptocurrency to make the purchase; instead, they can use credit or debit cards.

Avatar on Reddit

We launched a new and improved Avatar Builder about two years ago, allowing anyone to generate and customize their own personal avatar - a unique way to display identity on Reddit.

We quickly added a plethora of accessories, outfits, and hairstyles to allow for even more expression. We also provided custom avatars to Redditors in collaboration with partners such as Netflix, Riot Games, and the Australian Football League (AFL).

Seeing avatars take off got us thinking: what if we gave Reddit artists free rein to create any style of avatar they wanted? And what if we could help these artists showcase their work to the entire Reddit community while also making it simple for them to earn money for it? That is exactly what our new Collectible Avatars storefront does.

Collectible Avatars

Collectible Avatars are limited-edition avatars created by independent artists in collaboration with Reddit that provide owners with exclusive benefits on the Reddit platform. When someone uses their Collectible Avatar as their Reddit avatar, they can mix and match the avatar gear with other Reddit avatar gear and accessories, and their profile image in the comments section will glow.

Collectible Avatars differ from other Reddit avatars in a few ways:

They are for sale (rather than being free or available through Reddit Premium), and artists will be compensated for each Collectible Avatar sold.

Collectible Avatars are supported by blockchain technology, which grants purchasers rights (a license) to use the art both on and off Reddit.

These avatars are not available for purchase with cryptocurrency, nor are they being auctioned off. Each avatar has a fixed price and can be purchased with fiat (government-issued) currency.

Currently, blockchain technology provides purchasers with ownership and portability of their Collectible Avatar, as well as a way for artists to have their work live outside of the virtual walls of Reddit (and be compensated for future sales of their art).

Polygon, a general-purpose, Ethereum-compatible blockchain, is currently used to store collectible avatars. We chose Polygon because of its low transaction costs and commitment to sustainability.

In the future, we see blockchain as one way to give Reddit communities more empowerment and independence. Our communities are self-built and run, and as part of our mission to better empower our communities, we are exploring tools to help them be even more self-sustaining and self-governed.

One of the first steps we're taking on Reddit is to test the potential benefits of blockchain-backed collectible avatars.

The NFTs will be issued on Polygon, an environmentally friendly blockchain that is compatible with Ethereum, and will be stored in Reddit's native wallet Vault. According to a press release from the company, the marketplace is built on Polygon's blockchain due to the company's commitment to sustainability and low-cost transactions.

Users who buy an NFT have the right to use the NFT avatar both on and off Reddit. With Reddit's avatar creator, you can mix and match your avatar's outfit and accessories. The avatars in communities will have a glow-like effect next to user comments.

For the first collection, Reddit collaborated with artists from several Reddit groups, including r/ProCreate, r/Comics, and r/AdobeIllustrator. All secondary sales revenue will be split 50/50 between Reddit and the artists who contributed to the collection.

"In the future, we see blockchain as one way to empower and empower communities on Reddit," the company said. "Blockchain-backed Collectible Avatars are one of the first steps we're taking to test the concept's potential benefits on Reddit."

Along with the Polygon marketplace, Reddit will launch a Vault, an Ethereum-compatible wallet. The website has launched a forum that will give people early access to the new services, allowing them to set up their digital wallets.