Reddit to launch collectible avatars on the Polygon blockchain

The cryptocurrency-friendly social network Reddit announced the launch of a limited series of avatars on the blockchain Polygon. Users will be able to purchase the images in the coming weeks.

Prices for the avatars are fixed — they will not be auctioned. They can be purchased only with fiat.

Artists from communities such as r/Comics contributed to the artwork. Reddit noted that the aim of the initiative is to give creators the opportunity to create and sell their works. Creators will receive the proceeds after deductions of fees, and they will also be assigned royalties from secondary sales.

“In the future we see blockchain as one of the ways to enhance the capabilities and independence of Reddit communities. […] we are exploring tools that will help them become even more self-sufficient and self-governing. Collectible avatars on the blockchain are one of the first steps we are taking to test the potential benefits of this concept,” the statement said.

The platform provided early access to the images to a limited number of Reddit users.

In October 2021, Reddit opened a backend developer vacancy for its own non-fungible token platform.

Later representatives of the social network said that the loyalty program would be expanded with Ethereum tokens. To scale the program Reddit chose Arbitrum.

In December, the platform confidentially filed with the U.S. Securities and Exchange Commission an application to conduct an IPO.

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