Social media platform Reddit has launched the third generation of its blockchain-based digital collectibles, called “Reddit Avatars,” on the Polygon blockchain.
The non-fungible token (NFT) avatars were first introduced in July 2022, enabling artists to create and sell their work.
Whenever a user purchases a collectible, they can set it as their avatar on Reddit’s website.
The avatars became available in August 2022, generating thousands of dollars in sales for the artists.
On April 5, Reddit deployed the contract for Gen 3 avatars on the Polygon blockchain, causing many users to anticipate that the avatars would sell out within minutes.
Some collectors who participated in the first and second generations of avatars expressed excitement about the new drop’s potential.
Meanwhile, other users praised Reddit’s marketing efforts, which have successfully changed the narrative on NFTs, converting anti-NFT users to neutral or even pro-NFT.
However, some users believe that the payment process may be cumbersome and that the avatars may not sell as fast as expected.
Despite this, Reddit’s NFTs have experienced a surge in trading volume, with the collection reaching an all-time high in trade volume on October 24, 2022. The volume reached $1.5 million in 24 hours, accounting for 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.
The deployment of the Gen 3 avatars on the Polygon blockchain has garnered a lot of attention from the community, with many collectors eagerly waiting to get their hands on the new avatars.
The launch of the avatars has also highlighted Reddit’s commitment to blockchain technology and the potential for NFTs to revolutionize the art world.
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