Reddit’s third-generation blockchain-based digital collectibles, called “Reddit Avatars,” were recently launched on the Polygon blockchain, sparking a range of responses from collectors and community members. Originally introduced in July 2022, these non-fungible token (NFT) avatars empower artists to create and sell their work while offering users the opportunity to set them as their avatars on Reddit’s website. The avatars were made available for purchase in August 2022, generating thousands of dollars in sales for the artists.
On April 5, 2023, Reddit deployed the contract for the third-generation avatars on the Polygon blockchain. Many users predicted that they would sell out within minutes, while others praised Reddit for its marketing efforts and branding prowess. One collector who had participated in the first and second generations of avatars expressed excitement, stating that the new drop has the potential to be sold out “within minutes.” Meanwhile, some users commended Reddit for successfully changing the narrative on NFTs, converting anti-NFT users to neutral or pro-NFT.
Although some are very enthusiastic about the release, others believe that the payment process may be cumbersome, and as a result, the new drop may not sell as quickly as expected. Despite this, Reddit’s NFTs have seen a surge in trading volume. On October 24, 2022, the collection reached a new all-time high in trade volume, with wallet holders closing in on $3 million. At the time, the volume reached $1.5 million in 24 hours, nearly one-third of the overall volume of $4.1 million. Furthermore, on October 26, the collection also made its way to the top 10 collections on OpenSea for the most sales in the week. Overall, the community response to Reddit’s marketing efforts and the new development has been mixed, with some praising the platform’s ability to change the anti-NFT narrative within the platform, while others remain skeptical about the payment process and the potential success of the new drop.
