Reddit, one of the world’s most popular online discussion platforms, has been making significant strides in the non-fungible token (NFT) space.
The platform has recently announced the deployment of its third-generation NFT avatars, dubbed “Reddit Avatars,” on the Polygon blockchain. The move has elicited mixed reactions from community members and collectors, with some expressing their excitement and others predicting slower sales.
The Emergence of Reddit’s NFT Avatars
The first generation of Reddit Avatars was introduced in July 2022 to provide a platform for artists to create and sell their digital artwork as NFTs. The avatars were made available for purchase in August of the same year and generated thousands of dollars in sales for the artists.
The second generation of Reddit Avatars was released shortly after, with enhanced features such as animations and sound effects. The avatars were also made available for purchase, with Reddit continuing to empower artists to create and monetize their digital art.
Reddit’s Latest Move: The Deployment of Gen 3 NFT Avatars on Polygon
On April 5, 2023, Reddit deployed the contract for its third-generation NFT avatars on the Polygon blockchain. This move has generated mixed reactions from the community, with some predicting the avatars will sell out within minutes and others citing the payment process as cumbersome.
However, one notable reaction to the deployment of Gen 3 NFT avatars has been the change in the anti-NFT narrative within the Reddit community. Many users who were previously anti-NFT have now become neutral or even pro-NFT, citing Reddit’s marketing efforts as a factor.
The Surge in Trading Volume for Reddit’s NFTs
Reddit’s NFT collection has witnessed a surge in trading volume since its introduction in 2022. On October 24, 2022, the collection reached a new all-time high in trade volume, with wallet holders closing in on $3 million. The volume reached $1.5 million in 24 hours, accounting for almost one-third of the overall volume of $4.1 million.
Moreover, the collection made its way to the top 10 collections on OpenSea for the most sales in the week of October 26, 2022. This success highlights the growing interest in NFTs and the potential of platforms like Reddit to empower artists and creators in the digital art space.
Reddit’s deployment of Gen 3 NFT avatars on the Polygon blockchain is a significant move in the NFT space. The move has generated mixed reactions from the community, with some praising Reddit’s marketing efforts and others expressing concerns about the payment process. However, the success of Reddit’s NFT collection thus far highlights the growing interest in NFTs and the potential for platforms like Reddit to empower artists and creators in the digital art space.