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    Reddit to Launch NFT Avatar Marketplace on Polygon

    Cryptory.net - After nearly half a year of testing the feature that allows users to set any NFT as their profile picture, Reddit’s NFT avatar marketplace is finally launching in the coming weeks.

    Reddit plans to launch a NFT avatar marketplace built on Polygon, which lets users purchase blockchain-based profile pictures for a fixed price. This social network has started testing NFT profile pictures since January 2022.

    Reddit, the social network dubbed “the front page of the Internet”, has partnered with Polygon to mint avatars on-chain. Users can use Reddit’s own crypto wallet Vault to store NFTs. Currently, Vault is also used to earn community points, which can be used to buy badges or animated emoji on the platform.

    Reddit will roll out 90 different designs with “tens of thousands” going for sale in the early stage. Users do not need to have a crypto wallet to buy NFTs,  but can pay with a traditional credit or debit card, the company noted. If users spend money to buy a limited edition NFT, users will be licensed to use it both on and off Reddit.

    NFT profile pictures now are available to members of the r/CollectibleAvatars subreddit. The development team will soon announce details on wallet setup and exclusive AMAs by artists. There is no auction, all NFTs have a fixed price and can be bought through fiat currencies like USD. List prices for avatars will be $9.99, $24.99, $49.99, $74.99 or $99.99. If you are not part of the r/CollectibleAvatars subreddit, please wait to buy NFT on this platform in the coming weeks.

    Reddit has partnered with several artists from the r/Comics, r/ProCreate and r/AdobeIllustrator communities for the first collection. Artists also receive royalties with a 50/50 ratio from secondary sales of these NFTs on exchanges like OpenSea and Rarible.

    Actually, this is not the first move that shows Reddit’s interest in NFTs. Since May 2020, there have been many leaks about Reddit issuing tokens on Ethereum. Earlier this year, the platform began testing setting NFTs as profile pictures, just a few weeks after Twitter rolled out the same feature. Reddit has also released cryptoSnoos, a limited NFT collection based on its mascot Snoo, and a Subreddit dedicated to crypto.

    Besides Reddit, many big companies have also experimented with NFTs. After integrating NFTs onto Instagram, Meta recently brought that feature to Facebook. eBay recently also acquired NFT platform KnownOrigin and filed for metaverse trademark protection. At the same time, Spotify started testing the NFT feature and getting ready to join the Web3 space.

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