Reddit is launching a new feature that allows users to buy NFTs

Reddit has launched a new blockchain-based marketplace and collection of collectible avatars. The avatars can be used as profile pictures and purchased for a fixed price ranging from $9.99 to $99.99.
The collectible avatars will be minted on Ethereum-compatible blockchain network Polygon. Reddit said it chose Polygon for its lower transaction costs and commitment to sustainability issues. Buyers can use debit or credit cards to pay for the avatars in fiat, or use Reddit's blockchain-based wallet, Vault, to store and manage the collectibles. The owners of these collectible avatars will have a license to use them on other online platforms, but the rights will not be as extensive as in the case of Yuga Lab's Bored Ape Yacht Club (BAYC) NFT collection, which allows the cartoon characters to be used, for example, in products and TV shows.
Reddit plans to introduce more blockchain-based technologies and features into the platform and called the collectible avatars as early steps to such integrations.


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