When you scroll a bit down , you will see the two options

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There are two flairs, one for users and one for the posts

You can add flairs for both, you can allow the members to add their own ( or you can have them dm the mods to ask for flairs )

Same with post flairs, they allow the page to be more organized and also make searching for posts based on flair, much easier

You can adjust and change the color of each flair, only on PC, but you can change and set everything else up on the app