Online Chat Arena Reddit Announces Deployment of Gen 3 NFT Avatars on Polygon Network
Reddit, a popular online chat forum, has revealed its third-generation Non-Fungible Tokens (NFT) avatars are set to be released in the coming days. The contracts for these digital assets, known as “Reddit Avatars,” were installed on the Polygon network on April 5.
Reddit has previously ventured into the NFT space and has released multiple series to the market, with over 2.5 million buyers attracted to these NFTs, according to Pali Bhat, Chief Product Officer of Reddit.
Idea of NFT Avatars Introduced in July 2022
The concept of NFT avatars was introduced in July 2022, allowing creators to generate and sell their digital efforts. By August, avatars were already providing income to artists through sales. Once a user purchases a digital asset, it becomes their avatar on the Reddit website.
Community Members Excited
The deployment of the contracts has generated excitement among collectors and participants in the community. Many have shared their opinions on this milestone towards the release of the third-generation avatars.
- Some users immediately predicted a fast sell-out of the avatars
- Others praised Reddit’s branding expertise and promotion skills
- A Reddit avatar collector who participated in Gen 1 and Gen 2 expressed optimism that the Gen 3 drop would sell out within minutes
Others have noted that Reddit’s promotion has played a significant role in changing the perception of NFTs, with some previously anti-NFT users becoming more open to the concept. However, there have been some concerns raised about the payment process being cumbersome by some community members.
Third-Generation Avatars Released Amid High Trading Volume
The release of the third-generation avatars comes at a time when Reddit NFTs continue to experience high trading volume. In October of last year, Reddit NFTs achieved an all-time high trading volume, with over $3 million in the wallets of holders. The Reddit NFTs were also among the top 10 most traded digital assets on OpenSea.
With the deployment of its third-generation NFT avatars on the Polygon network, Reddit is poised to continue its foray into the NFT market. The anticipation among community members is palpable, with expectations of a fast sell-out of these digital assets. Reddit’s promotion of NFTs has also been credited with changing the perception of NFTs for some users. As Reddit NFTs continue to experience high trading volume, it will be interesting to see the reception and impact of the third-generation avatars in the market.