The collectibles are presently available on the OpenSea non-fungible tokens (NFT) marketplace.
As the first stage in a bigger endeavor to incorporate blockchain technology, Reddit has begun an airdrop of its Polygon-based “Collectible Avatars.” Based on their activity on the platform, the social media network recently requested some of its users to choose avatars from four collections: “The Singularity,” “Aww Friends,” “Drip Squad,” and “Meme Team.” The collectibles were later generated when a user chose an item from one of the collections.
The treasures are currently available on the non-fungible tokens (NFT) marketplace OpenSea, with the Singularity collection fetching slightly more than $15 and Drip Squad relics fetching more than $42.
Prices for each collection, created by different artists, range from $9.99 to $99.99 and are already available on Reddit. Customers can use these avatars on Reddit or other websites after purchasing them because the whole ownership rights are transferrable.
The avatars can also be saved and controlled on Reddit’s blockchain wallet, Vault, which now provides its users with blockchain-based community points that can be used to purchase in-app things such as badges.
On July 7, Reddit declared that it would be dabbling in the digital collectible fad. One of the social media giant’s first experiments with blockchain-based technology was the creation of a new wave of NFTs with collectible avatars.
The site also stated that the avatars would be created by artists, many of whom are Facebook users, and would be available for purchase in a new storefront.
Reddit revealed that the avatars will be available only to Reddit users who joined the r/collectibleavatars forum, before adding that the store would be open to all users “in the coming weeks.”
The company declined to use the term NFTs to characterize these avatars back then, and it refused to do so again in a statement to its users. However, Reddit has already claimed that blockchain technology is an important element of its long-term objectives.
“We see blockchain as one way to bring more empowerment and independence to communities on Reddit,” it said.
The social media network began testing a feature earlier this year that let users to use any NFT produced on the Ethereum blockchain as their profile photo. In 2021, the company issued limited-edition NFTs called CryptoSnoos, after its mascot, “Snoo.”
Reddit has joined Facebook, Instagram, and Twitter in experimenting with providing digital treasures to their users. Twitter added NFT profile photographs to its users earlier this year, and Meta has began testing NFT support on Facebook and Instagram.