NFT
The nonfungible token (NFT) avatars were first introduced in July 2022 to empower artists to create and sell their work. In addition, whenever users purchase a collectible, it can also be set as an avatar on Reddit’s website. The avatars were made available in August 2022, generating thousands of dollars in sales for the artists.
On April 5, Reddit deployed the contract for the avatars’ Gen 3 on the Polygon blockchain. This resulted in various users predicting that the avatars would sell out in minutes and others praising Reddit for its marketing and branding prowess.
Related: Reddit NFT avatars selling for a premium on OpenSea
One collector who participated in collecting the first and second generation of avatars expressed their excitement and said that the new drop has the potential to be sold out within minutes. Meanwhile, other users praised Reddit’s marketing efforts for successfully changing the narrative and converting anti-NFT users to neutral and pro-NFT.
Online discussion platform Reddit has deployed the third generation of its blockchain-based digital collectibles dubbed “Reddit Avatars” on the Polygon blockchain, resulting in community members and collectors expressing their thoughts on the much-anticipated drop.
Community members sharing their thoughts on the digital collectibles. Source: Reddit
While some are very excited about the release, others believe that it may not sell as fast as expected, describing the payment process as cumbersome.
Reddit’s NFTs have witnessed a surge in trading volume. On Oct. 24, the collection reached a new all-time high in terms of trade volume as wallet holders closed in on 3 million. At the time, the volume reached $1.5 million in 24 hours, almost one-third of the overall volume of $4.1 million. On Oct. 26, the collection also made its way to the top 10 collections in OpenSea for the most sales within the week.
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