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Amid crypto turmoil, Reddit launches NFT Avatar marketplace: Here’s why it’s interesting

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The Crypto market is plunging to a new low every single day! According to coinmarketcap, the crypto market cap has shrunk from $2.97T to about $950B now.

Several analysts believe that the macro-economic stress and money movement towards safe securities like government bonds are contributing to crypto-assets carnage. Additionally, many factors that affected the global stock market also affected the crypto market.

Amidst the turmoil, Reddit, an American social news aggregation, content rating, and discussion website, announced that it is launching an NFT-based Avatar marketplace hosted on Polygon’s blockchain.

Reddit says that users don’t need to have a crypto wallet to purchase digital pictures. Instead, a credit or debit card is enough to make the purchase and can store in Reddit’s own wallet, called Vault. 

Why it’s interesting?

The company said it will be releasing 90 unique designs with a total of 10,000 NFT being made available for purchase during this early-access period.

Further, the company also said that if a user purchases its limited-edition NFTs, they will have the license rights to use it on and off Reddit as an avatar. Also, users can mix and match their avatar’s appearances through merch available in avatar builder.

Role model for decentralisation

The social media company has collaborated with Polygon to mint these avatars on-chain. Presently, Reddit’s wallet is used to make community points based on blockchain and spend them on badges and animated emojis. 

For the avatars, Reddit has worked with artists, including  r/Comicsr/ProCreate, and r/AdobeIllustrator for the first collection, reports TechCrunch

Initially, the NFT avatars will be available only to members of the r/CollectibleAvatars invite-only subreddit. The company has also fixed a flat price and can be bought in US dollars. As of now, the fixed prices include $9.99, $24.99, $49.99, $74.99 or $99.99.

For other members, it will be available for purchase somewhere around the next few weeks. 

“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 decentralisation 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.

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