Reddit, the online discussion forum, has recently grabbed the attention of crypto enthusiasts with its announcement that it will launch collectible avatars on the Polygon blockchain platform. The public can get their first look at these amazing blockchain-backed avatars if they join the Reddit community.
This collection is a limited edition by Reddit, which will provide an opportunity for independent artists using the Reddit website to showcase their talent to the world. Though, as per the announcement, it’s available on the Polygon blockchain, people can buy them using local currencies. Vault will handle the management of these avatars; it’s a wallet powered by blockchain.
Reddit’s announcement of its new collectible launch is powerful evidence of the brand’s commitment to art. The company hopes to offer a supportive hand to those artists who have been unable to bring their work to the forefront and will even provide royalties from secondary sales to empower artists. Such initiatives will not only encourage creativity but also lead to a broader acceptance of digital art.
You can use the avatars for profile pictures on your Reddit account. In addition, avatar owners will receive excellent benefits like receiving a small share of secondary sales in the future.
Reddit said it doesn’t currently consider avatars as nonfungible tokens (NFTs) and that cryptocurrencies are not part of the process of buying or selling them. However, Reddit indicated that Blockchain-backed Collectible Avatars are one of the early steps they are taking to test out the potential benefits of this concept on Reddit.
The authorities commented that avatar creation is an initiation of a concept whereby artists can portray their skills and explore the possibilities of blockchain technology. Hopefully, such initiatives will bring revolutionary changes to the Web3 platform.
On mentioning the future initiatives of Reddit, they said that when it comes to empowering communities on Reddit, blockchain is the only way out. Such innovative and creative concepts will encourage companies to invest in digital art and help it grow.