Reddit Collectible Avatars: What Are They?

Reddit Collectible Avatars: What Are They?

https://darp.coinunited.io/reddit-collectible-avatars-what-are-they-83/

Reddit Collectible Avatars, the website's first native NFT platform, was released not too long ago.

Non-fungible tokens (NFTs) have been around since at least 2012, and many people believe that Colored Coins, which are fractions of a Bitcoin (or Satoshi) used to represent immutable digital or real-world assets on the Bitcoin blockchain, were the first NFTs.

The Rare Pepe memes, CryptoPunks, and CryptoKitties NFT collections are just a few examples of the new digital collectibles that will be available on the Ethereum blockchain in 2017.

One may make the case that NFTs finally hit the big volume in 2021, when sales hit $24.9 billion, a staggering 261x increase from the $94.9 million recorded the previous year. It ushered in the rise of NFT markets like OpenSea and its many imitators, the record-breaking $69.3 million auction of digital art by crypto artist Beeple, "blue-chip" NFT collections like one inspired by monkeys, and countless knockoffs that might put the fake luxury market to shame.

Bear market conditions in the crypto market, with Bitcoin and Ethereum down over 70% and numerous altcoins down 90%, dampened demand for NFTs as the eventful (and we don't mean it in a nice way) year 2022 unfolded.

The dollar volume of sales of NFTs has been steadily declining since the beginning of the year, plummeting by more than 80 percent.

Despite the gloom, the bear market hasn't dampened the enthusiasm for Reddit's NFT initiative, Reddit Collectible Avatar. Naturally, this raises the questions: what is the NFT project on Reddit, how does it function, and why has it generated so much interest?

<h2>Collectible Avatars on Reddit, What Are They?</h2>

Since its inception in 2005, the social network site has become a metaverse in its own right, consisting of hundreds of specialized sub-forums known as subreddits.

To give you an idea of how massive Reddit is, consider that 52 million people use it every day. For this reason, the June 2021 announcement of Reddit's NFT intentions caused quite a stir. In retrospect, it appears that the 2021 launch was an attempt to test the waters before going all in on NFTs. Reddit, a year after the release of Cryptosnoos, has announced a more sophisticated NFT initiative that will eventually solidify its position as the leader in the NFT discussion.

The goal of this project, which was given the name Reddit Limited Collectible Avatars, was to provide digital collectibles that work with the Reddit platform. Vaults is Reddit's native Ethereum-compatible wallet, where users may store their Collectible Avatars, which they can then use for profile images and other purposes.

In its second effort at launching an NFT initiative, the social network does away with the terminology, instead promoting the tokens as "collectibles" while allowing the underlying NFT and blockchain technology do the heavy lifting. In addition, unlike the CryptoSnoos NFTs, which are solely offered on OpenSea, these NFTs were built specifically for the Reddit platform. All of the thirty or so collections of these collectable Avatars are presently sold out, and they were all made by independent designers from the Reddit community, namely the r/Comics and r/AdobeIllustrator subreddits. It's worth noting that unlike many ongoing NFT initiatives, all Reddit users may still make NFT-free, fully-customizable Avatars without any restrictions.

<h2>Just how do Reddit's collectible avatars function, exactly?</h2>

Despite Reddit's efforts to distance itself from the NFT classification, the site's digital treasures are, in reality, NFTs. So, they are similar to other NFTs in that they can be bought and sold and are limited in supply, all thanks to the distributed ledger technology. Each collectible avatar has its own unique characteristics and rarity.

This is obviously true, but Reddit has added features that make its NFTs more appealing. This means that there is no secondary market for NFTs. Furthermore, accessing, purchasing, or using these NFTs does not call for a deep familiarity with cryptocurrency or blockchain technology. To purchase an Avatar in your local fiat money, you need not even leave the Reddit platform or have cryptocurrency.

Find the Collectible Avatar Shop by going to your profile and then tapping the dropdown menu on the top right.

To learn more about these NFTs and make a purchase using traditional ways of payment like credit cards, click the "Shop" button in the resulting pop-up window.

However, you might need to go through a secondary market to get your hands on Reddit's Limited Collectible Avatar. In particular, you may buy these NFTs on OpenSea, a platform for buying and selling NFTs using cryptocurrency.

OpenSea requires the use of a crypto wallet such as MetaMask, Coinbase Wallet, WalletConnect, and others in order to facilitate the purchase of Reddit Collectible Avatars and other NFTs.

In order to acquire and transfer the Collectible Avatar for this post, MetaMask was utilized. More precisely, the MetaMask and Reddit mobile app was used.

Start by visiting the Reddit Collectible Avatar collection page on OpenSea from the browser within the MetaMask mobile app.

After purchasing an NFT on OpenSea, you may link it to your Reddit profile by clicking the "Description" option once you've entered the NFT you own.

You'll be sent to the Reddit mobile app, where you'll be prompted to make a Reddit Vault, the site's in-app cryptocurrency wallet.

If you have an NFT and have it uploaded to your Reddit Vault, you can use it as your user icon. It's interesting to see how your illuminating effects affect your avatar as you submit replies. Reddit users with avatars are said to have access to a variety of exclusive community features. Collectible Avatar owners get "special profile treatment" and "special comment treatment on posts," according to the social network.

In addition, the income earned by the independent artist from the sale of these avatars on the primary market is given to the artist.

In addition, Polygon, a second-layer solution for Ethereum, serves as the blockchain backbone upon which Reddit's Collectible Avatar operates.

<h2>Scalability and Low Transaction Costs</h2>

The Ethereum network has the largest NFT market, however it has a number of issues, one of which is scalability. Ethereum provides the security and decentralization demanded by NFT advocates, but its slow transaction times discourage mainstream use at the moment.

Since this is the case, it shouldn't be surprising that Ethereum has had a history of network congestion, which typically results in extremely high transaction fees.

Despite positive developments like the Merge and EIP-1559, Ethereum's effectiveness is hindered in two major ways due to its lack of scalability. Two, Ethereum usage costs more, especially in times of heavy network activity.

This is why second-layer solutions like Polygon have been developing and deploying methods to boost Ethereum's performance. Typically, these approaches aim to reduce the load on Ethereum's underlying network by handling part of the computing needed to validate transactions in a separate layer. Polygon can handle up to 65,000 transactions per second, which is a significant increase from the 15 TPS provided by Ethereum's core network.

That's why it makes sense for Reddit to use a blockchain system that can accommodate high numbers of transactions without significantly increasing transaction costs.

<h2>Conservation of Natural Resources</h2>

An ongoing debate concerns the amount of power required by blockchains, in particular those that rely on the proof-of-work (PoW) consensus process. Businesses who are exploring blockchain technologies are, therefore, trying to reduce their environmental impact.

Polygon has committed $20 million to fund green projects, reduce its carbon footprint, and purchase more carbon credits in order to achieve its goal of becoming carbon-negative by 2022. Reddit claims that one of the reasons Polygon picked the blockchain as a platform for its infrastructure is the company's desire to build an environmentally friendly blockchain.

<h2>Best NFT threads on Reddit</h2>

These artists curate one-of-a-kind series of Collectible Avatars, each with its own distinct aesthetic.

Reddit's chief product officer, Pali Bhat, claims that more than 3 million people have made use of the Vault feature. About 2.5 million people have used these wallets to buy NFTs so far.

<h2>Do You Need to Keep an Eye on Reddit Collectible Avatars?</h2>

It is difficult to predict the long-term success of NFTs, but certain features of Reddit NFTs make them interesting to track.

It might be argued that the NFTs' value will rise over time due to the long size of the Reddit platform. A platform with over 430 million active monthly users can create the buzz necessary to encourage wide dissemination. The Reddit collectibles avatar would be one of the most successful NFT ventures ever if only a fourth of the monthly users bought and used them.

However, this can only occur if the avatars are desirable to own. In other words, the benefits of having these avatars within and outside of the Reddit ecosystem need to appeal to regular users. You may be asking if there are any applications, advantages, or exceptional circumstances that may lead to the value of Reddit NFTs increasing at an exponential rate.

<h2>An Infinite Variety of Rare Things</h2>

The ability to combine and exchange gears or qualities creates new opportunities and pushes the boundaries of rarity trading in exciting ways.

<h2>A Huge Potential market</h2>

Simply said, Reddit is an enormous platform. What this means is that the Reddit NFT initiative has what its rivals want most of all: a sizable user base.

<h2>Adhering to the Standard Methods of Advertising</h2>

Noticeably, in the post announcing the release of the Collectible Avatars, Reddit avoided using technical blockchain jargon in its marketing effort.

Instead, Reddit has labeled its wares "digital collectable avatars," which is likely to put potential customers at ease. Also, the fact that these NFTs may be bought using local currency increases their use for the common consumer.

<h2>Possible Future Use as Antique NFTs</h2>

Because new Reddit avatars will be published throughout time, the genesis collection may grow increasingly uncommon and costly as long as the Reddit platform is in use.

<h2>Joint Efforts Between Businesses</h2>

There is a potential here that other businesses may take use of, depending on how popular Reddit Collectible Avatars grow. In order to gauge the practicality of their NFT solutions, companies may collaborate with Reddit and leverage the platform's current user base. A fashion company, for instance, may release NFT-based apparel on Reddit in order to gauge consumer interest.

<h2>New Uses of Blockchain Technology</h2>

The addition of new features will provide consumers further incentive to acquire these avatars.

You shouldn't take anything in this post as financial advice, and it's not meant to be.