After the much-hyped Twitter NFTs and Instagram NFTs, the non-fungible token bandwagon is getting extra support, all thanks to the new Reddit Collectible Avatar announcement.
Reddit is now levelling up by launching its line of Reddit Collectible Avatars, which will be "stored" on Ethereum compatible Polygon blockchain.
The new collectables will bring forth an array of new benefits and utilities for its users. Let's take a look at what Reddit Collectible Avatars are all about?
Reddit To Launch Collectible Avatar NFTS on Polygon
Reddit has further ventured into the crypto space by announcing the launch of Reddit Collectibles Avatars on Polygon.
These avatars are created in the participation of independent artists and are set to deliver exclusive benefits to their holders.
As per the official statement, if a user decides to use his Reddit Collectible Avatar, they can mix and match accessories from other avatars, and their profile image in the comments will possess a special glow light effect.
One element associated with the launch of these collectables is the fact that a user does not need to purchase crypto to buy these avatars. These avatars can be bought through fiat currency via the Polygon blockchain.
Reddit further cited low-cost transactions and sustainability commitments as one of the reasons for choosing Polygon as a preferable choice to launch its Collectibles Avatar collection. Explaining its blockchain move further, Reddit said:
In the future, we see blockchain as one way to bring more empowerment and independence to communities on Reddit. Reddit has always been a model for what decentralisation could look like online; 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.
Reddit will also facilitate a whitelist for the users, especially for its VIP customers to view and pick their avatars. Per the statement, Reddit's Collectible Avatars will be first made available to the public via the new subreddit.
Reddit Collectible Avatar Price
As stated earlier, these Reddit Collectible Avatars can be purchased with fiat at a fixed price of $9.99, $24.99, $49.99, $74.99, and $99.99.
The various prices depend upon each collectable's features and rarity factors.
As mentioned above, Reddit has stressed these Collectible Avatars do not need to be bought using cryptocurrency. However, it has not actually confirmed whether users can use cryptocurrency to buy them, either.
Reddit Collectible Avatar Release Date
Reddit has now officially launched its first line of Collectible Avatars on its shop.
To get ready for the Collectible Avatars, users will need to join the official r/CollectibleAvatars subreddit to be eligible.
Is Reddit Collectible Avatar An NFT?
In its official announcement, Reddit addresses the launch of new Snooblockchain characters as special "Collectible Avatars."
However, the announcement doesn't particularly mention the words NFTs. This is despite other functionalities sounding exactly like the firm is planning to launch NFTs on Polygon. Some Redditors replied to the announcement with scepticism, questioning whether this was deliberate to avoid the negative connotations of NFTs.
Of course, the firm has launched these avatars on Polygon at a fixed price which does separate it from the usual NFT league, considering the part where there won't be any fluctuation in terms of their pricing contrary to the pricing of NFTs that ebb and flow per the crypto market tribulations.
However, it does mention these avatars as NFTs in one of its FAQs section. Here, it states:
The Creator Collection was made by independent creators in partnership with Reddit. They are powered by non-fungible tokens (NFTs) on the Polygon blockchain, so you’ll need a Vault (your digital wallet on Reddit) to store them.