Social networking platform Reddit has launched a new Collectible Avatar market that is based on the Polygon MATIC/USD blockchain.
What Happened: In an announcement on Thursday, Reddit said the Collectible Avatars would be available for purchase on the platform and the creators behind each collectible would receive the sale proceeds.
“Collectible Avatars are backed by blockchain technology, giving purchasers rights (a license) to use the art – on and off Reddit,” said the company.
Reddit said this new offering was inspired by the success of its Avatar Builder service which allows users to create and customize their own personal avatars.
The limited-edition Collectible Avatars will soon be available for purchase on the website – members of the r/CollectibleAvatars subreddit will get first-look early access.
Users do not require cryptocurrency to purchase these collectibles but can only store and manage them on Reddit’s blockchain wallet Vault.
“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,” said Reddit.
The platform is already using the Ethereum ETH/USD blockchain to store Community Points – a community reward system that can be converted into tokens. Reddit said it chose Polygon because it is an Ethereum-compatible blockchain known for its low cost and sustainability commitments.
Price Action: According to data from Benzinga Pro, MATIC was trading at $0.58 at press time, gaining 10.67% over 24 hours. ETH was trading at $1,259, up 6.33% over the same period.
Photo via oasisamuel on Shutterstock
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