Reddit will not admit that it launched a new NFT collection

It looks like an NFT, it sells like an NFT, but Reddit swears it’s just a “Collectible Avatar”. The website launches a new collection of artist-made, blockchain-supported, digital cartoon characters in limited editions for purchase.

Called “Collectible Avatars” i Reddit’s blog announcement, the works of art on the web are actually NFTs. After all, each one comes with a unique blockchain identifier, so they fit the definition. And in an email to Gizmodo, a Reddit spokesman admitted “they are NFTs”, but explained that the site chooses “to focus on the community and the value they receive instead of the underlying technologies.” To be fair, as far as NFTs go, they are a little different than you might expect.

For example, the avatars will initially be sold at a fixed price, from $ 9.99 to $ 99.99, not at auction (although that model does not necessarily apply to future possible secondary sales). “Reddit charges a total fee of 5% to cover minting and related blockchain fees, as well as to support the creator program,” the spokesman said, but the rest of the sales cost goes to the artist.

Then there is the fact that buyers can only make initial purchases using standard fiat currency, not crypto, Reddit told Gizmodo. And although all digital doodads come with a license that allows the owner to use their avatar art on and off Reddit, it is not as comprehensive as other NFT licenses – as effective give owners grading rights. In addition, artists will receive royalties from all secondary sales.

Finally, several Redditors will be able to buy different coins from the same avatar. Initially, the company told Gizmodo that it will release 90 different designs, although “tens of thousands” of avatars will be for sale in the first phase, the spokesman explained.

“There are several avatars for the sale of each design, and they are unique in that they will each be numbered (similar to how an artist will number an edition of prints on paper). Each will be different given they are numbered, and the page you can transfer equipment from the purchased Collectible Avatar to a regular avatar on Reddit, you can customize the avatar you use on Reddit with free accessories or accessories from the Collectible Avatar you purchased. »

But like all the other NFT projects you have become familiar with and love (?), They are marked on the blockchain. Specifically on the Polygon, which is Ethereum compatible and supposedly smaller environmentally harmful than other networks (though that claim is not airtight). Once purchased, the avatars will be stored in a Reddit user’s Vault or the blockchain-based virtual wallet where community points currently retained. Owners of NFT avatars will be able to display them as their profile picture on the site and beyond. Initially, the avatars will only be available to users who join the closed r / CollectibleAvatars community, but then sales will open to others over the next few weeks.

Many of the artists who created these avatars are involved in the Reddit community, and the company designed the avatar collection as a project primarily intended to benefit these artists. “In the future, we see blockchain as a way to bring more authority and independence to the community on Reddit,” the company said in its announcement.

This is not the first time Reddit has joined NFT route. Last year, the company introduced “CryptoSnoos.” Other social media and technology companies have also recently begun to dip their toes into the blockchain. Twitter introduced NFT profile pictures last year in a collaboration with OpenSea. And Meta wants people to show off their shimmering NFTs on Facebook and Instagram.

Cryptocurrency can crash, but the wave of blockchain-based digital art-like assets is still rising. For now, it seems that NFTs are here to stay. It is an unshakable, irreplaceable trend – even unworkable.