The online discussion platform Reddit has successfully launched the third generation of its blockchain-based digital collectibles, known as “Reddit Avatars,” on the Polygon blockchain. The NFT avatars were initially introduced in July 2022 as a means of empowering artists to create and sell their work, and they became available for purchase in August 2022, generating thousands of dollars in sales for the artists. Users who buy a collectible can also set it as their avatar on Reddit’s website.
On April 5, Reddit deployed the contract for the Gen 3 avatars on the Polygon blockchain, resulting in a buzz of anticipation from community members and collectors alike. While some users predicted that the avatars would sell out within minutes, others praised Reddit’s marketing and branding prowess for successfully changing the narrative on NFTs and converting anti-NFT users to neutral or pro-NFT.
Despite the excitement surrounding the release, some users expressed concerns that the payment process could be cumbersome, potentially affecting sales. Nevertheless, Reddit’s NFTs have experienced a surge in trading volume, with the collection reaching a new all-time high in trade volume of nearly $3 million on October 24, 2022. In a 24-hour period, the volume reached $1.5 million, almost one-third of the overall volume of $4.1 million. Additionally, the collection made its way to the top 10 collections on OpenSea for the most sales in the week of October 26.
Overall, the deployment of Gen 3 NFT avatar contracts on Polygon has been met with a positive response from the community, with many praising Reddit’s efforts to empower artists and promote NFTs.
