Reddit’s third-generation NFT avatars drop next week

Reddit has distributed the contract for its third generation of blockchain-based digital collectibles, called “Reddit Avatars,” on the Polygon blockchain, with an official launch scheduled for next week. The new collection comes as the online discussion platform has enjoyed great success with its previous NFTs.

Reddit Gen 3 NFTs drop next week

Reddit is set to release its Gen 3 avatars next week, an administrator said in an announcement last week. “GEN 3 drops the week of April 10th! Your prowess, your opulence, and now your vaults will be taken to another dimension with the third installment of creator-created collectible avatars,” the announcement read.

The administrator told that some of the previous artists were involved in the initiative and some new artists will participate in this round and create and design unique avatars. “Soon you’ll be able to see all of their amazing work available for purchase in the Collectible Avatar Shop,” they added.

Some community members and collectors have expressed their opinions on the highly anticipated release, speculating that the drop would sell out quickly. Others noted that the excitement surrounding upcoming NFTs could also positively affect avatars’ first and second generations.

Join our Telegram group and never miss a story about digital values.

Reddit NFTs are seeing great success

Last July, Reddit announced the launch of its collectibles and a polygon-based NFT marketplace for trading these digital items. “Collectible avatars are powered by blockchain technology, giving buyers rights (a license) to use the art – on and off Reddit,” the company said in an announcement.

Users can manage and store their digital collectibles on their Vault, Reddit’s blockchain wallet. Unlike other companies that attempted NFTs, Reddit did not require users to purchase NFTs with digital assets. Instead, it allowed users to pay by credit or debit card. Furthermore, the NFTs came at a fixed listing price pegged at $9.99, $24.99, $49.99, $74.99 and $99.99.

In particular, Reddit is digital collectibles created by independent artists, with the total number of NFTs sold reaching millions. The avatars were originally available to members of the invite-only r/CollectibleAvatars subreddit.

The trading volume of Reddit’s NFTs has also seen an increase, with the collection hitting record trading volume at the end of October last year. As reported, the cumulative trading volume for all Reddit NFT pools exceeded $8.6 million.

Meanwhile, there are more than 7.3 million Reddit avatar holders and more than 10.6 million unique NFTs, according to a Dune Analytics dashboard. Furthermore, the collection is estimated to have a market value of 74.5 million dollars.

The collection has recorded about $14 million in secondary sales on about 120,000 trades, the Dune dashboard shows. However, it has seen a steep drop in buyers and sellers over the past couple of months, with just 13 sales recorded in the past 24 hours.

Do you think upcoming Reddit NFTs can revive the excitement around earlier? Let us know in the comments below.

About the author

Ruholamin Haqshanas is an accomplished crypto and financial journalist with over two years of experience writing in the field. He has a solid grasp of various segments of the FinTech space, including the decentralized iteration of financial systems (DeFi), and the emerging market for non-fungible tokens (NFT). He is an active user of digital assets for money transfers.