Reddit Uses Polygon Blockchain for Releasing ‘Collectible Avatars’
The decentralized social networking site Reddit just introduced a new market for collectible avatars that is powered by the Polygon (MATIC) blockchain. Reddit made a statement on Thursday stating that its Collectable Avatars will soon be available for purchase on the site, and that the developers behind each collectible would earn a portion of the revenue from any sales of the collectibles.
According to the website, “Collectible Avatars are supported by blockchain technology, granting consumers rights (a license) to use the art — on and off Reddit.”
According to Reddit, the popularity of its Avatar Builder tool, which enables users to design and personalize their own unique avatars, served as the impetus for the development of this new option. Members of the r/CollectibleAvatars subreddit will get early access to the limited-edition Collectible Avatars when they become available for purchase on the website in the near future. Users are not need to have bitcoin in order to acquire these items; nonetheless, the Vault on Reddit’s blockchain is the only place where they may be stored and managed.
According to Reddit, “A Vault provides users with a distinct digital wallet address that is interoperable with all Ethereum-compatible blockchains; it’s the same Vault where redditors already save their Community Points.”
The platform already uses the Ethereum blockchain to hold Community Points, which are a community reward system that can be turned into tokens. These Community Points may be exchanged for platform tokens. Reddit said that it made the decision to go with Polygon because it is an Ethereum-compatible blockchain that is well-known for its minimal costs and committed to sustainability.
During the course of compiling this report, MATIC was trading at $0.5880, which is a rise of 13.30 percent over the course of the previous twenty-four hours. The price of ETH was trading at $1,259, representing a gain of 6.80 percent over the previous period.
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.