reddit wants to sell avatars as NFTs: old wine in new bottles?

Reddit will soon introduce the blockchain based “Collectible Avatars”. Actually it’s already too late to get into the NFT business.

The operating company of reddit is now increasing into the NFT business. Two years after the forum introduced a program to create your own avatars, Non-Fungible Tokens (NFTs) will soon be available for purchase as avatars.

reddit wants to unite crypto fans and digital artists

The new collection “Collectible Avatars” have been created by various artists who, according to reddit, are paid for each copy sold. The NFTs will cost between 10 and 70 U.S. dollar. The digital works of art can also be used outside of the forum as a profile picture. These can then be sold again, according to the company’s announcement. It has also developed custom avatars for Reddit users in collaboration with partners such as Netflix, Riot Games and the Australian Football League (AFL).

Pay in hard fiat currency

The technical basis of the NFTs is a polygon blockchain, but you pay for the profile pictures on reddit in US dollars. The step actually comes too late, because since January the trading volume for NFTs worldwide has collapsed by 93 percent. Most reactions to the announcement were negative. Reddit Inc. deliberately did not call the new avatars NFTs because they knew what reputation they generally have. On Twitter, it is assumed, among other things, that the company is only interested in earning even more money with this step in the future.

But as it became known, in addition to reddit, Instagram, Twitter and Ebay also want to get into the NFT business. eBay announced the acquisition of NFT selling portal knownorigin.io last month. Trading in NFTs on eBay itself has been possible since November last year.

Twitter will soon be offering its US customers its own app store for NFTs, which will be set up together with Shopify Has. With Tokengate, the e-commerce service provider Shopify introduced a digital interface between suppliers and buyers that the app is intended to use.

Last, but not least, Meta has been testing the distribution of NFTs on Instagram since May this year. But actually, the biggest hype about these digitally protected works of art has long since fizzled out. The operating company of reddit should also know that.

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