Reddit Launches Third Generation of Blockchain-based Digital Collectibles
Reddit, the popular online discussion platform, has released the much-anticipated third generation of its blockchain-based digital collectibles, known as “Reddit Avatars”, on the Polygon blockchain. This has sparked excitement among community members and collectors, who are eagerly expressing their thoughts on the latest drop.
Empowering Artists and Creating Sales
The NFT avatars were initially introduced in July 2022 with the aim of empowering artists to create and sell their work. Users who purchase a collectible also have the option to set it as an avatar on Reddit’s website. The avatars were made available in August 2022, and they quickly gained popularity, generating thousands of dollars in sales for the artists.
Gen 3 Avatars on Polygon Blockchain
On April 5, Reddit deployed the contract for the Gen 3 avatars on the Polygon blockchain. This move has led to widespread speculation among users, with many predicting that the avatars will sell out within minutes. Some users have also praised Reddit for its marketing and branding efforts in changing the narrative around NFTs on the platform.
Excitement and Praise from Collectors
One collector who has participated in collecting the first and second generation of avatars expressed their excitement, stating that the new drop has the potential to sell out within minutes. Other users have also praised Reddit’s marketing efforts in successfully converting anti-NFT users to neutral or pro-NFT users.
Concerns About Payment Process
Despite the excitement surrounding the release of the Gen 3 avatars, some users have expressed concerns about the payment process, describing it as cumbersome. This indicates that there may be some challenges in the purchasing process that could affect the speed of sales.
Surge in Trading Volume
Reddit’s NFTs have experienced a significant surge in trading volume. On October 24, 2022, the collection reached a new all-time high in trade volume, with wallet holders closing in on $3 million. In the span of 24 hours, the volume reached $1.5 million, accounting for almost one-third of the overall volume of $4.1 million. Additionally, on October 26, the collection made its way to the top 10 collections on OpenSea for the most sales in the week.
Reddit’s launch of the third generation of its blockchain-based digital collectibles, Reddit Avatars, on the Polygon blockchain has generated excitement and praise from community members and collectors. The avatars were introduced to empower artists and have gained popularity with users. While there are concerns about the payment process, the surge in trading volume indicates the growing interest in Reddit’s NFTs. As the market for digital collectibles continues to evolve, Reddit’s foray into this space has been met with anticipation and positive feedback from its community.