crypto-economy.com
Reddit is launching the third generation of its digital collectibles, the NFT Avatars, on the Polygon blockchain. As a result of the widely anticipated launch, a wide number of community members and collectors expressed their opinions on the forum. Reddit introduced its NFT avatars back in July 2022 in hopes of empowering digital creators to create and sell their work.
At the same time, it is also possible for users to set these new avatars as their display pictures on Reddit shortly after purchasing them. However, these NFT avatars were made publicly available by August 2022, which inevitably led to the generation of thousands of dollars in revenue for digital artists amid high sales.
On April 5 this year, Reddit injected the contact for the third version of its avatars on the Polygon blockchain. As a result, many anticipated that the entirety of these avatars would sell out merely in a matter of minutes. Similarly, a great number of people highly appreciated Reddit for both its branding and marking capabilities.
Reddit Gets the Spotlight For All the right reasons
An individual collector, who openly participated in the collection of first and second-generation avatars expressed great enthusiasm regarding the latest version. A significant number of people also praised the forum’s marketing effort to drastically change the opinion regarding NFTs, suggesting that Reddit managed to convert anti-NFT users into pro-NFT.
Despite the masses displaying great excitement towards the latest version of the Reddit Avatars, a small percentage of people believe that the current version may not sell as fast as the previous ones. They also described the payment process as complicated and difficult for users.
Over time, these Reddit NFT avatars have been subject to increased trading volume, demand, and popularity. Back in October of 2022, the collection managed to reach an all-time high in its trading volume as soon as wallet holders continued to close in on $3 million.
During the same time, the volume also managed to shoot up to approximately $1.5 million within only 24 hours, signifying almost a third of the entire $4.1 million volume. Finally, the avatars also landed themselves a spot in the Top 10 best-selling collections on OpenSea.