Reddit Avatars on Polygon Blockchain

Reddit, the online discussion platform, has launched the third generation of its blockchain-based digital collectibles, Reddit Avatars, on the Polygon blockchain. The new avatars were released on April 5, 2023, and have created a lot of buzz in the community.

The non-fungible token (NFT) avatars were first introduced in July 2022 as a way to empower artists to create and sell their work. These avatars were made available in August 2022 and generated thousands of dollars in sales for the artists. Users who purchased a collectible could also set it as their avatar on Reddit’s website.

Now, with the release of Gen 3 avatars on the Polygon blockchain, community members and collectors are voicing their thoughts on the long-awaited drop. Some users predict the avatars will sell out in minutes, while others praise Reddit for its marketing and branding prowess.

A collector who participated in collecting the first and second generation avatars expressed his excitement, stating that the new drop has the potential to sell out “within minutes.” Meanwhile, other users have praised Reddit’s marketing efforts for successfully changing the narrative on NFTs, converting anti-NFT users to neutrals and pro-NFTs.

However, not everyone is convinced that the release will sell as quickly as expected. Some users have criticized the payment process as “cumbersome”, which could deter potential buyers.

Despite the mixed reactions, Reddit’s NFTs have witnessed an increase in trading volume. On October 24, 2022, the collection reached a new all-time high in trading volume when wallet holders closed in at $3 million. In just 24 hours, the volume reached $1.5 million, almost a third of the total volume of $4.1 million. On 26 October, the collection also made its way to the top 10 collections on OpenSea for the most sales in the week.

This latest release on the Polygon blockchain is another milestone for Reddit Avatars, which have quickly become a popular way for artists to sell their work and for collectors to own unique digital assets. With the latest release generating both excitement and criticism, it remains to be seen how successful the Gen 3 avatars will be on the Polygon blockchain. Nevertheless, Reddit’s NFTs have proven to be a lucrative market for both creators and buyers, and it is likely that the platform will continue to innovate in this area.