Reddit Readies Third Round of NFT Avatars, But Is the Hype Over?

NFT

Reddit is ready to release the third installment of its ‘Collectible Avatars’ in another dimension. The blockchain-based GEN 3 NFTs will launch in the week of April 10, as per an official statement.

The third-generation NFTs under “Reddit Avatars” have gained much popularity ahead of their release.

Reddit Avatars Have Been a Hit

The initial collection of Reddit Avatars NFTs has sold out rapidly in the past. And it demonstrates exceptional demand with the previous releases.

Meanwhile, certain returning and new artists who declared their participation in GEN 3 have generated buzz on the internet discussion forum. Next week, their creations will be up for sale.

However, many Reddit users wondered if it was an April Fools’ joke running all week.

That said, Reddit also played with the words Wen, Gen, and Ten to give the release a ring since the answer to the inquiry “WEN is GEN3?” is “TEN.” In the past as well, Reddit’s NFT marketing approach was important in its success. Instead of utilizing phrases like “NFTs,” the platform stuck to “Collectible Avatars.”

Despite implementing a well-planned strategy to remove any mention of NFTs, the Reddit community remains divided by critics of NFTs.

NFT Leaks Make Rounds

NFT collectors and influences have been reporting on leaked images of the Gen 3 collection ahead of the official launch.

Leak of Reddit Gen 3 NFT Collectible Avatars

Reddit embraced the NFT trend by establishing a marketplace, and its July 2022 Reddit Avatars collection quickly gained popularity. On the Reddit marketplace, the first batch of 40,000 NFTs rapidly ran out of stock. They are currently only accessible on secondary NFT markets.

Limited-edition collectibles created by independent artists called Reddit Avatars are based on the Polygon blockchain.

NFT Price Floor reports that the 60 Reddit NFT projects achieved an aggregate trading volume of 1,820 ETH in volume over the past 90 days.

With a combined market cap of 25,438 ETH, Reddit NFT collections are now rated #13 on the platform’s brand rankings.

Cumulative Collectible Avatar Sales on the Dune Analytics Dashboard

According to the Dune Analytics dashboard, there are over 10.6 million distinct collectible avatars and over 7.3 million Reddit avatar holders. The market capitalization of the collection is close to $74.5 million.

Meanwhile, per the platform, the all-time secondary sales volume has surpassed $13.9 million.

CryptoSnoos, NFTs by independent artists, and airdropped freebies largely make up the three main categories of NFTs on Reddit.