The Reddit social network began dropping “Avatars” based on Polygon as a first step towards a broader push to include blockchain technology.
Last week, some users were asked to select avatars from four groups – “The Singularity”, “Aww Friends”, “Drip Squad” and “Meme Team” – based on their participation on the site. Acquisitions are created when the user selects an item from one of the groups.
Acquisitions are listed on the Non-Replaceable Code (NFT) OpenSea market. At the time of writing, holdings from The Singularity group were selling for just over $15, while Drip Squad holdings are worth more than $42. NFTs are a digital code that represents real or virtual asset ownership.
A separate collection created by selected artists has already been published on Reddit, with prices ranging from $9.99 to $99.99. Buyers can use these avatars on Reddit or other websites after purchase, where full ownership rights can be transferred.
The avatars can be stored and managed on Reddit, Vault’s blockchain wallet. Vault currently offers users blockchain-based community points, which can be spent on in-app features, such as badges.
Reddit did not refer to these avatars as NFTs in its connections to users. However, the company previously stated that blockchain technology remained part of its long-term plans: “We see blockchain as one way to achieve greater empowerment and independence for communities on Reddit.”
Earlier this year, the social media platform began testing a feature that allowed users to set any Ethereum-based NFT as their profile photo. In 2021, Reddit released limited NFT versions called CryptoSnoos, based on the Snoo mascot.