Reddit launches "collectible avatars" on the Polygon (MATIC) blockchain

Social networking platform Reddit has launched a new collectible avatar marketplace based on the Polygon MATIC/USD blockchain.

What happened: In an announcement on Thursday, Reddit said that collectible avatars would be available for purchase on the platform and that the creators of each collectible would receive the proceeds of the sale.

"Collectible avatars are backed by blockchain technology, giving buyers the right (a license) to use the art - on and off Reddit," the company said.< /p>

Reddit said the new offering was inspired by the success of its Avatar Builder service, which allows users to create and customize their own personal avatars.

Limited edition collectible avatars will soon be available for purchase on the website; members of the r/CollectibleAvatars subreddit will get early access.

Users do not need 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 operates on Ethereum-compatible blockchains; it's the same vault where redditors currently store Community Points," Reddit said.

See also: Reddit is testing a new website to expand Ethereum-based Community Points to more sub-reddits

The platform already uses the Ethereum ETH/USD blockchain to store Community Points - a community reward system that can be converted into tokens. Reddit said they 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

Visit Benzinga Crypto homepage - Over 1,000,000 depend on Benzinga Crypto every month

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.