cryptodaily.co.uk
Reddit has launched its third-generation (Gen 3) NFT collection, featuring more artists working on the theme of futuristic realities.
To date, the collections have attracted over 7.3 million wallets holding over 10.6 million unique Reddit avatars minted, with a total market cap value of roughly $74.5 million. The first two collections were released on Polygon in June 2022.
The Gen 3 collection broadens the artistic landscape, engaging 97 NFT artists compared to 32 in previous drop phases. According to Reddit, this expansion scale aims to attract a diverse collector base. Alicia Freeman, a visual artist and children's author, spoke about how Reddit has given artists full creative freedom within the "Snoo" character template. With the Gen 3 collection's theme of future realities, Freeman created three visually organic avatars reflecting rising ocean levels, struggling bee populations, and the inevitable return to our "stardust" origins.
Reddit's entry into the NFT space has been applauded for its artist-centric approach and for introducing new Web3 users. It serves as a potentially significant on-ramp for mainstream audiences, with millions of avatars offered for free to Reddit users.
To simplify the user experience and attract a native consumer audience that may be unfamiliar with blockchain technology, Reddit has avoided using the term "NFT" in its marketing campaigns. For the Gen 3 collection, all participating artists signed non-disclosure agreements (NDAs) prohibiting them from discussing specific drop details before the launch.
The Gen 3 collection's supply mechanics implement a "tiered" system based on artist popularity. Some NFT community members have voiced concerns that Reddit's decision to increase the number of artists could lead to oversaturation and dilute the collection's commercial value. Freeman and Chris Torres, creator of the Nyan Cat meme, expressed a more optimistic view, emphasizing accessibility and distribution of art over supply dynamics and the project's potential impact.
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