Reddit to Sell Collectible Avatars Backed By Blockchain Technology
Reddit is set to launch a range of collectible avatars(Opens in a new window) via a new storefront and using a distribution license backed by blockchain technology.
The limited-edition avatars have been created by independent artists in partnership with Reddit. Every time a collectible avatar is sold, the artist gets paid and the new owner can customize it using avatar gear and accessories, with a variety available for free or via Reddit Premium(Opens in a new window).
Now for the more complicated blockchain part: Each collectible avatar is stored on the general-purpose, Ethereum-compatible Polygon blockchain. By doing this, owners can use their new avatar outside of the confines of Reddit while also allowing artists to be paid a royalty in future if their avatar art is sold again. With that in mind, collectible avatars will be stored in a Reddit user's Vault(Opens in a new window) (a blockchain-powered wallet) with a specific digital wallet address compatible with all Ethereum-compatible blockchains.
When these new avatars become available, they'll be purchased via https://www.reddit.com/avatar(Opens in a new window) using whatever currency is available and local to you. According to Engadget(Opens in a new window), sales will intially be limited to members of the r/collectibleavatars subreddit, but all users should gain access within weeks. In terms of pricing, expect to pay between $9.99 and $99.99 per collectible avatar, and even more on secondary markets, which Reddit seems to be fine with.
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