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Reddit getting into NFTs with the announcement of Collectible Avatars

It was only a matter of time but now Reddit has gotten involved in the non-fungible token (NFT) game by announcing a new Collectible Avatars offering.

These new Collectible Avatars are available for those in the Reddit community to purchase and thereafter be customised in the Avatar Builder, which the platform launched a couple of years ago.

Reddit adds that this system is Blockchain-backed, with a secure digital wallet seemingly allowing users to store their new NFTs.

“Seeing avatars take off got us thinking – what would happen if we gave artists on Reddit license to make any style of avatar they wanted? And what if we could help these artists showcase their art to the entire Reddit community and make it easy for them to earn money for their work? Our new Collectible Avatars storefront does just that,” the platform explains in a blog post.

The company has also pointed out some of the ways that it’s offering are “different” to some of the other NFT-esque initiatives announced by social media platforms like Twitter and Facebook of late.

To that end it says:

  • “They are available for purchase (vs. being free or available via Reddit Premium), and artists will be paid for each Collectible Avatar sold.

  • Collectible Avatars are backed by blockchain technology, giving purchasers rights (a license) to use the art – on and off Reddit.

  • You do not need cryptocurrency to purchase these avatars, nor are they being put up for auction. Each avatar has been priced at a fixed amount and is purchasable with fiat (government-issued) currencies.”

For now these Collectible Avatars will be available to trade on marketplaces like OpenSea, with Reddit noting that down the line the same functionality will exist on its own platform.

As such, Reddit appears to be taking a more measured approach to NFTs, especially given how mixed reception to them has been and the continued unanswered questions about their longevity.

If any community is going to make their feelings known about NFTs, it will be Reddit.

With more questions than answers regarding this latest move from Reddit, it will be interesting to see how its NFTs perform over time, particularly where others have faltered in this space.

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