New post Need visibility? Apply for a FREE post for your Startup.  Apply Here

NewsNow you know

Reddit Set To Launch New Avatar Marketplace

2 Mins read

Founded by Steve Huffman, Aaron Swartz and Alexis Ohanian on June 23 2005, the San Francisco-based Reddit is an American social news aggregation, content rating, and discussion website. Registered users (commonly referred to as “Redditors”) are allowed to submit content to the site such as links, text posts, images, and videos, which are then voted up or down by other members.

Posts on Reddit are organized by subject into user-created boards called “communities” or “subreddits”. Submissions with more upvotes appear towards the top of their subreddit and, if they receive enough upvotes, ultimately on the site’s front page. Reddit administrators are employed to moderate these communities.

Reddit NFT Marketplace
Reddit is launching a new NFT-based avatar marketplace with will allow users to purchase blockchain-based profile pictures for a fixed rate. To buy these avatars, the company said that you need a crypto wallet. However, one’s credit or debit card should be enough, else one can use one’s Reddit wallet product to store them.

The social network is set to release 90 designs, the total amount of NFTs going for sale in this early-access phase being “tens of thousands.”

The company pointed out that a user can purchase one of its limited-edition NFTs to have licensing rights to use it on and off Reddit as an avatar. These rights aren’t as extensive as owning an NFT from Yuga Labs’ Bored Ape Yacht Club collection, which allows you to make merchandise or TV Shows based on the bored ape you own.

Reddit has partnered with Polygon, an Ethereum-compatible blockchain, to mint these avatars on-chain. You can use Reddit’s own blockchain wallet called Vault — which is available on the firm’s native app — to store and manage these NFTs. Presently, Vault is used to earn blockchain-based community points and spend them on special features like badges and animated emojis.

Reddit says that while NFT profile pictures is an early-stage blockchain project, it wants to explore more features with the tech.

“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 decentralization 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,” the company wrote in a statement.

Reddit has joined a long list of companies that are experimenting with NFTs. After launching NFT support on Instagram, Facebook recently ported some of those features to the blue app. After launching its digital art collection in May, eBay acquired NFT marketplace KnownOrigin in June. In May, Spotify started testing a feature that allowed some artists to promote digital collectibles on their profiles, and link-in-bio startup Linktree rolled out new features for creators like unlockable links for specific NFT collection holders. Expect more of these tests soon.

175 posts

About author
We are the same, we may only be different in our experiences, values and exposures. Technology is a big part of my experience, learning is one of my values and writing my credible means of exposure.
Related posts
Now you know

Timeline of the development of computer programming

2 Mins read
Computer programming has come a long way since the first electronic computer was invented in the 1940s. Over the years, many different…
Now you knowRandom

Lumiant Raises 3.5M USD Seed Funding Round

2 Mins read
Technology is making life and living seamless. The growth of technology has affected and will continue to permeate all sphere of our…
Artificial IntelligenceBig StoryNews

OpenAI Launches Plugin Support for ChatGPT, AI Chatbot Gets Access to Live Data for the First Time

2 Mins read
OpenAI, one of the leading artificial intelligence research companies, has just announced the launch of a new plugin support for its popular…
Get powered up with Techpadi Newsletter

Be the first to know what's happening in the African tech space

Leave a Reply