Reddit’s collectible, blockchain-based avatars definitely aren’t NFTs

Reddit is dipping its toe into the digital collectible craze. The site is launching a new take on NFTs with collectible avatars, one of its first forays into blockchain-based tech.

The avatars are designed by artists (many of whom are, naturally, also Redditors) and will be for sale in a new storefront. Initially, only a small group of Reddit users will be able to purchase the avatars by joining the r/collectibleavatars subreddit, but the company says it intends to open the store to all users “in the coming weeks.”

Though the company isn’t using the word “NFT” to describe these “blockchain-backed” images, it certainly sounds similar to other NFT projects. For example, Redditors can access their avatars via Vault — Reddit’s blockchain-based wallet — and owning an avatar gives purchasers a license “to use the art – on and off Reddit.” Notably, collectible avatars can only be paid for with regular old fiat currencies; the storefront won’t support cryptocurrency transactions. 

Unlike many NFT marketplaces, Redditors won’t have to worry about wildly fluctuating prices, at least for now. Avatars will be sold by the company for fixes prices between $9.99 and $99.99, though Reddit seems open to the existence a secondary market for …read more