: Reddit has introduced blockchain-backed collectible avatars via new storefront #IndiaNEWS #News Reddit has introduced blockchain-backed avatars to enable artists on Reddit license to make any style

Reddit has introduced blockchain-backed collectible avatars via new storefront #IndiaNEWS #News
Reddit has introduced blockchain-backed avatars to enable artists on Reddit license to make any style of avatar they wanted, help them showcase their art to the Reddit community, and make it easy for them to earn money for their work through the new Collectible Avatars storefront.

Collectible Avatars are limited-edition avatars made by independent artists in partnership with Reddit and provide owners with unique benefits on the Reddit platform. If someone sets their Collectible Avatar as their avatar on Reddit, they can mix and match the avatar gear with other Reddit avatar gear and accessories, and their profile image in the comments sections will have a glow-like effect.

They are available for purchase (vs. being free or available via Reddit Premium), and artists will be paid for each Collectible Avatar sold. Collectible Avatars are backed by blockchain technology, giving purchasers rights (a license) to use the art – on and off Reddit.

Also Read: Reddit acquires language processing company MeaningCloud

Users do not need cryptocurrency to purchase these avatars, nor are they being put up for auction. Each avatar has been priced at a fixed amount and is purchasable with fiat (government-issued) currencies. Collectible Avatars are currently stored on Polygon, a general-purpose, Ethereum-compatible blockchain. Blockchain-backed Collectible Avatars are one of the early steps Reddit is taking to test out the potential benefits of this concept on Reddit.

Collectible Avatars will be available to everyone in the coming weeks but is currently rolled out as the first-look early access to a limited number of Redditors who join the r/CollectibleAvatars community. In that community, people can learn more about how to purchase Collectible Avatars, set up wallets to store them, and get to know our artists with behind-the-scenes posts, AMAs, and more.

When available, people can purchase Collectible Avatars where they normally build avatars on Reddit, using local currencies, such as dollars in the US. As soon as someone completes a purchase, they’ll be able to use their avatar on Reddit.

To store and manage Collectible Avatars, Redditors will use their Vault – a blockchain-powered wallet on Reddit. A Vault gives users a specific digital wallet address that works across Ethereum-compatible blockchains; it’s the same Vault where Redditors currently store Community Points.The post Reddit has introduced blockchain-backed collectible avatars via new storefront appeared first on Social Samosa.