Reddit's collectible, blockchain-based avatars definitely aren't NFTs
Reddit is dipping its toe into the digital collectible craze. The site is launching a new take on NFTs withThe avatars are designed by artists and will be for sale in a new storefront. Initially, only a small group of Reddit users will be able to purchase the avatars by joining the r/collectibleavatars subreddit, but the company says it intends to open the store to all users “in the coming weeks.”
Though the company isn’t using the word “NFT” to describe these “blockchain-backed” images, it certainly sounds similar to other NFT projects. For example, Redditors can access their avatars via Vault — Reddit's blockchain-based wallet — and owning an avatar gives purchasers a license"to use the art – on and off Reddit.” Notably, collectible avatars can only be paid for with regular old fiat currencies; the storefront won’t support cryptocurrency transactions.
Unlike many NFT marketplaces, Redditors won't have to worry about wildly fluctuating prices, at least for now. Avatars will be sold by the company for fixes prices between $9.99 and $99.99, though Reddit seems open to the existence a secondary market for avatars should the . The company notes that artists behind the avatars"are also entitled to receive royalties from secondary sales of their Collectible Avatars on open marketplaces."Reddit isn’t the first platform to experiment with bringing digital collectibles to its users. Meta has begun to test NFT support
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