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Community members responded to the new development, with some of them praising Reddit’s marketing efforts and altering the anti-NFT narrative within the platform.
Reddit, the online discussing platform has now deployed the third generation of its blockchain-based digital collectibles called “Reddit Avatars” on the Polygon blockchain. This move has resulted in community members and collectors expressing their thoughts on the much-expected drop.
The nonfungible token (NFT) avatars were launched in July 2022 aiming to empower artists to develop and sell their work. Furthermore, whenever users buy a collectible, it can also be set as an avatar on Reddit’s website. These avatars were made available in August 2022, generating thousands of dollars in sales for the artists.
On April 5, Reddit deployed the contract for the Gen 3 avatars’ on the Polygon blockchain. This resulted in different users forecasting that the avatars would sell out in minutes, with others praising Reddit for its branding and marketing prowess.
One of the collectors who participated in collecting the first and second generation of avatars expressed lots of their excitement, stating that the new drop can be sold out “within minutes.’ In the meantime, other users praised Reddit’s marketing effort to successfully alter the narrative on NFTs, changing many anti-NFT users to neutral and pro-NFT.
While some are quite excited about the release, others think that it might not sell as fast as expected, describing this payment process as “cumbersome.”
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Reddit’s NFTs have seen a significant spike in trading volume. On October 24, 2022, the collection reached a new all-time high in trade volume as wallet holders closed in on $3 million. At that time, the volume surged to $1.5 million in 24 hours, nearly a third of the general volume of $4.1 million.
On October 26, the collection also made its way to the top 10 collections on OpenSea for most sales in the week.