Reddit is dipping its toe into the digital collectible craze. The site is launching a new take on NFTs with collectible avatars, one of its first forays into blockchain-based tech.
The avatars are designed by artists (many of whom are, naturally, also Redditors) and will be for sale in a new storefront. Initially, only a small group of Reddit users will be able to purchase the avatars by joining the r/collectibleavatars subreddit, but the company says it intends to open the store to all users “in the coming weeks.”
Though the company isn’t using the word “NFT” to describe these “blockchain-backed” images, it certainly sounds similar to other NFT projects. For example, Redditors can access their avatars via Vault — Reddit's blockchain-based wallet — and owning an avatar gives purchasers a license "to use the art – on and off Reddit.” Notably, collectible avatars can only be paid for with regular old fiat currencies; the storefront won’t support cryptocurrency transactions.
Unlike...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...