Reddit dives into NFTs with new avatars to collect

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Compared to other social networking sites, Reddit has taken a slow, limited approach to features that feature a taint of self-promotion or branding. The decision to add simple profile pages that users could fill out with their own posts also sparked criticism. As you browse the site, you’re more likely to see posters with variations of the site’s mascot, Snoo, in their profile picture than selfies dominating Twitter or Facebook. Now see how the community is reacting to Reddit’s offering of blockchain-backed collectible avatars. In case you were wondering, yes, these are non-fungible tokens (NFTs) that can be purchased in the Reddit Avatar Builder.

These limited edition avatars, which buyers can then customize in the avatar generator, are created by independent artists who have partnered with Reddit. Collectible avatars have a glowing effect in the comment sections, adding a visual touch similar to the hexagon used by Twitter to identify NFT avatars. NFTs are uniquely numbered, with multiple avatars of each design being sold.

Sample images of Reddit’s new NFTsImage collectible avatar: Reddit

Collector avatars are stored and managed in the Vault, a blockchain-based wallet on Reddit where Redditors currently hold their Community Points. They can be traded on secondary markets like OpenSea or SuperRare, but at least at launch they can’t be sold directly on Reddit itself.

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NFTs are already more than controversial in many communities, with a backlash on the idea of ​​an additional DRM playing into the biggest stupid theory described by Bill Gates and what blockchain power consumption means for the world.

According to Reddit, the goal is to be able to empower artists, as this series includes contributions from artists posting on subreddits such as r / Comics, as well as other artists from our networks contributing their work to Reddit for the first time. Reddit spokesperson Tim Rathschmidt told The Verge that he had taken steps to prevent fraud, which was a problem in NFT markets and was a problem when Twitter released its NFT images, highlighting a small group of collaborating and applying artists. compliance checks for their participation. a complete, cross-functional review of all designs to verify authenticity.

It also uses the Polygon blockchain which keeps transaction costs energy efficient. However, as we heard after the World Wide Fund for Nature gave up on the launch of NFT, Polygons’ isolated calculation of the true energy consumption of blockchain transactions is incomplete at best, as it still relies on a more inefficient Ethereum network for security reasons.

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Financially, Rathschmidt tells The Verge that Reddit’s discount is 5%, which covers minting and blockchain fees and support for the Creator program, while the rest goes to artists who have the chance to experience the their work beyond virtual walls. Reddit (and be rewarded for future sales of their art). Reddit also stays away from cryptocurrency transactions as all purchases are made in government-issued currency, just like buying Reddit or Premium Coins.

Initially, they will be available to a limited number of Redditors who join the r / CollectibleAvatars community, which will feature posts detailing the program and behind-the-scenes interactions with the artists.

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