To be used as profile pictures, these avatars can be customized on Reddit’s Avatar Builder.
the testing of a feature that allowed users to use their NFTs as profile pictures. Twitter had launched a similar feature a week before Reddit did it.These collectible avatars will be minted on Ethereum-compatible blockchain network Polygon, Sandeep Nailwal, CEO and co-founder of Polygon,Reddit said it chose Polygon for its lower transaction costs and commitment to sustainability issues.
Buyers can use debit or credit cards to pay for the avatars in fiat. They can use Reddit’s blockchain-based wallet – Vault, available on Reddit App – to store and manage the collectibles.The owners of these collectible avatars will have a license to use them on other online platforms. But the rights will not be as extensive as in the case of Yuga Lab’s Bored Ape Yacht Club NFT collection, which allows the cartoon characters to be used, for example, in products and TV shows.
These artists will earn a royalty if these digital assets open up for secondary market trading on other platforms. A glow-like effect on the profile image and customization of these avatars on Avatar Builder with available gear and accessories are some of the special features at the moment.Reddit plans to introduce more blockchain-based technologies and features into the platform and called the collectible avatars as early steps to such integrations, media reports said.
“Blockchain-backed Collectible Avatars are one of the early steps we’re taking to test out the potential benefits of this concept on Reddit,” it said.$500 million for his VC firm 776 Management LLC, which he intends to invest primarily in crypto startups.
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