Reddit Launches Its Own NFT Collection on the Polygon Blockchain

The NFT craze has subsided since the beginning of the year, but that has not stopped Reddit from launching its own NFT collection.

The social network revealed in a blog post on Thursday that it is launching a series of ‘Collectible Avatars’ that users can set as their profile pictures on Reddit. In addition to being NFTs, the new avatars will differ from existing Reddit avatars in that they will only be available for purchase through a new dedicated storefront, and buyers will be granted licensing rights to use them both on and off Reddit.

According to the announcement, the new NFTs will be hosted on the Polygon blockchain. Reddit noted that the low fees and sustainability commitments of the blockchain compatible with Ethereum factored into the decision to choose Polygon over other chains for its new NFTs.

According to TechCrunch, the initial release will feature 90 different designs in early access, with a total supply in the ‘tens of thousands’. The benefits of holding Reddit collectible NFT avatars include mixing and matching the appearance of avatars with merchandise available in the avatar creation tool.

Reddit states that independent artists created all collectible avatars in the first series. Creators will be paid for each sold avatar and will also be entitled to receive 50 percent royalties from secondary sales on open markets, as stated in the blog post. Currently, only members of the subreddit r/CollectibleAvatars will be able to purchase the new NFTs, but a general release is scheduled for the coming weeks.

Prices for Reddit’s NFT avatars range from $9.99 to $99.99 for the most expensive examples. Although the avatars utilize crypto technology, they can also be purchased using fiat currencies such as the US dollar. Once purchased, the avatars can then be traded as crypto on NFT marketplaces like OpenSea and Rarible.

Reddit is just the latest among several major tech companies signaling their belief in NFT technology. Another of the largest social media companies, Meta, has shown a clear interest in the space since pivoting towards the metaverse late last year, supporting NFTs on Instagram and making bold predictions about the potential of the digital collectibles economy. Twitter has released its own NFT collection and introduced an authenticity verification feature earlier this year. Mark Zuckerberg has stated that his company will add a similar verification feature to its apps in the future. eBay also launched its own NFT collection on Polygon in May.

NFT technology has proven divisive since reaching the mainstream in 2021, and the current crypto winter has cast doubt on the future of the space as prices for previously sought-after collections decline. Nevertheless, the influx of major tech companies like Reddit embracing innovation suggests that the space still has room for growth.