Reddit to Sell Collectible Avatar NFTs
Reddit will sell blockchain-backed collectible avatar NFTs via its new storefront, according to the social news aggregation company.
The collectible avatars will be limited edition and created by "some of Reddit's most passionate visual artists." The proceeds of the sales will go to the artists who designed the NFTs.
Reddit launched its Avatar Builder two years ago as a unique way to display an anonymous identity on the platform. Now, artists will create these new Reddit avatars and sell them to the community as NFTs via a new storefront.
The purchaser will have the right to use the art both on and off of Reddit. And purchases will not require cryptocurrency. Each collectible avatar has a fixed amount price and can be bought with fiat currencies.
The collectible avatars are now available for purchase at r/CollectibleAvatars for a limited time to a limited number of early access users.
Reddit hopes this move will empower artists on its platform.
"From the start, our goal has been to empower artists to create and sell their work," the press release reads. "Artists will get paid for every Collectible Avatar that sells on Reddit, less any fees, and are also entitled to receive royalties from secondary sales of their Collectible Avatars on open marketplaces."