Reddit, the online discussion platform, has launched the third generation of its blockchain-based digital collectibles, Reddit Avatars, on the Polygon blockchain. The new avatars were released on April 5, 2023, and have generated a lot of buzz within the community.
The non-fungible token (NFT) avatars were first introduced in July 2022 as a way to empower artists to create and sell their work. These avatars were made available in August 2022 and generated thousands of dollars in sales for the artists. Users who purchased a collectible were also able to set it as their avatar on Reddit’s website.
Now, with the release of Gen 3 avatars on the Polygon blockchain, community members and collectors are expressing their thoughts on the much-anticipated drop. Some users predict that the avatars will sell out in minutes, while others are praising Reddit for its marketing and branding prowess. One collector who participated in collecting the first and second generation of avatars expressed their excitement, stating that the new drop has the potential to be sold out “within minutes.” Meanwhile, other users have praised Reddit’s marketing efforts to successfully change the narrative on NFTs, converting anti-NFT users to neutral and pro-NFT. However, not everyone is convinced that the release will sell as fast as expected. Some users have criticized the payment process as “cumbersome,” which could deter potential buyers.
Despite the mixed reactions, Reddit’s NFTs have witnessed a surge in trading volume. On October 24, 2022, the collection reached a new all-time high in trade volume as wallet holders closed in on $3 million. In just 24 hours, the volume reached $1.5 million, almost one-third of the overall volume of $4.1 million. On October 26, the collection also made its way to the top 10 collections on OpenSea for the most sales in the week.
This latest release on the Polygon blockchain is another milestone for Reddit Avatars, which have quickly become a popular way for artists to sell their work and for collectors to own unique digital assets. With the latest release generating both excitement and criticism, it remains to be seen how successful the Gen 3 avatars will be on the Polygon blockchain. Nonetheless, Reddit’s NFTs have proven to be a lucrative market for both creators and buyers alike, and it’s likely that the platform will continue to innovate in this space