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HomeNEWSReddit releases avatars that are 'sort of' NFT • ENTER.CO

Reddit releases avatars that are ‘sort of’ NFT • ENTER.CO

Reddit announced that its new NFT-like avatar marketplace is coming to the platform. The advantage of this Reddit initiative over other Non-Fungible Tokens is that you will not need a crypto wallet to acquire them. In exchange, you will only need your debit or credit card to have an NFT-based avatar. In addition to this, the avatars will not be sold by auction as we are used to, but will have a fixed rate.

The company pointed out that at the moment 90 different designs are being launched, however, they emphasize that they have “tens of thousands” of NFTs. Like other blockchain products, by purchasing one of these limited edition NFTs, the purchaser will acquire the license rights to use on and off Reddit as an avatar. However, compared for example to the Bored Ape Yacht Club collection, the rights are not that extensive. That is, you will not be able to use it to create other products or TV shows like the Bored monkeys.

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On the other hand, Reddit explained that the avatars can be mixed with the merchandise available in the ‘avatar creator’ available on the social network. Starting today, NFT avatars will be available to sureddit members, who will be able to view them for the first time by invitation only from r/CollectibleAvatars. List prices for this first NFT avatar deal will be: $9.99, $24.99, $49.99, $74.99, or $99.99. However, for those users who want to buy one of the avatars and are not within the community where they are offered, they will be able to access their avatar creation page. All NFTs will be available to the public in the coming weeks.

“Moving forward, we see blockchain as a way to give more power and independence to communities on Reddit. Reddit has always been a model of what decentralization could look like online; our communities are self-building and self-managing, and as part of our mission to better empower our communities, we are exploring tools to help them become even more self-reliant and autonomous,” the company wrote in a statement, as reported on TechCrunch.

Image: Reddit

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