Reddit has started selling NFT Avatars at Polygon.

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Reddit is launching a series of “Collectible Avatar” NFTs on Polygon. NFTs will have a total supply in the “tens of thousands” and will be available on the Reddit site. Several other major social media companies have made various moves in the NFT space in recent months.

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Reddit has partnered with Polygon to create blockchain-based NFT avatars that can be set as profile pictures on social media sites.

Reddit sells its first NFT

NFT mania may have cooled down since the beginning of the year, but that hasn't stopped Reddit from starting its own limited edition NFTs.

The social network revealed in a Thursday blog post that it is offering a series of “collectible avatar” NFTs that users can set as their profile pictures on the Reddit site. In addition to being NFTs, the new avatars differ from existing Reddit avatars in that they will be available for purchase through a new unique storefront and will grant buyers license rights to use both on and off Reddit.

According to the announcement, the new NFTs will be hosted by Polygon. Reddit says the Ethereum-compatible blockchain's low fees and sustainability promises factored into its decision to choose Polygon over other blockchains for its new NFT.

according to TechCrunch, The initial release will offer 90 different designs in its early access phase, with the total supply in the “tens of thousands”. Benefits of owning a Reddit Collectible Avatar NFT include the ability to mix and match the avatar's appearance with merchandise in Avatar Maker and a “glow effect” to accompany user comments in communities.

According to Reddit, independent artists created all of the collectible avatars in the original series. Creators are paid for each avatar they sell and are entitled to 50% of the royalties from secondary sales on open marketplaces, according to the blog post. Currently, only members of the invite-only r/CollectibleAvatars subreddit can purchase the new NFTs, but a general release is scheduled in the coming weeks.

List prices for Reddit's NFT prototypes range from $9.99 to $99.99 for the most expensive prototypes. While the avatars use crypto technology, they can also be purchased with fiat currencies such as US dollars. Once purchased, the tokens can be traded using crypto on NFT marketplaces such as OpenSea and Rarible.

Reddit is just the latest of many major tech companies to show confidence in NFT technology. Meta, another of the internet's biggest social media companies, has shown a clear interest in the space since it took a dive into Metaverse late last year, endorsing NFTs on Instagram and making bold predictions about the possibilities of the digital crowdfunding economy. Twitter released its own limited collection of NFTs with an authentication feature earlier this year (Meta's Mark Zuckerberg said the company would add a similar authentication feature to its apps in the future. eBay dropped its own NFT collection on Polygon in May).

NFT technology has proven to be fragmented after taking the mainstream in 2021, and the ongoing crypto winter has cast doubt on the future of the space as the floor price of previously sought-after sets has plummeted. Still, the rush of major tech companies like Reddit to embrace the innovation suggests the space still has room to grow.

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