- After successful first and second generation Reddit avatars, the platform is ready with its third generation collectibles.
- The project will use the Polygon blockchain for both decentralized trading as well as third-party sales.
- The move has been well received by users though certain users are not sure about the instant sales of collectibles.
Reddit has announced its blockchain-powered digital collectibles, Reddit Avatars, third generation on Polygon. As a result, both collectors and community members have shared their thoughts on the much-expected drop.
The NFT avatars were launched in July 2022 to empower artists to create as well as sell their work. Also, when a user buys a collectible, it can be set as an avatar on Reddit’s official website. In August 2022, the avatars were made available and raised thousands of dollars for artists.
The social platform deployed the contract for the third generation of avatars on April 5 on Polygon. The move led to many users expecting the instant sale of avatars within minutes. Other users appreciated Reddit’s marketing and branding skills.
One collector who was a part of collecting the first and second generation avatars expressed their excitement by saying that the recent drop has the ability to sell itself in just a few minutes. Other users lauded the marketing efforts in terms of changing the narrative of non-fungible tokens by transforming anti-NFT users into neutral as well as pro-NFT.
On the one hand, there are those who are excited about the launch, and there are others who believe that the avatars may not sell as quickly as expected and have called the payment process “cumbersome.“
The trading volume of Reddit’s NFTs has spiked. The collection reached an all-time high on October 24, 2022, in trade volume, with wallet owners closing in on $3 million. At the same time, the volume made $1.5 million in 24 hours, which was nearly one-third of the entire volume of $4.1 million.
On October 26, the collection was in the top 10 collections on OpenSea for the most sales in the week.