Reddit announced that it will launch its new collection of collectible avatars in a non-fungible token format called ‘Gen 3’ and will be developed through the Polygon blockchain.
For those unfamiliar with RedditReddit is a social bookmarking, web search engine and news aggregator website. In this sort of social network, users can post text, images, videos and links, but other users vote for or against the content in order for these posts to appear in the highlights of the main site.
A few hours ago, Reddit has confirmed that it will continue to dabble in Web3 technology and non-fungible tokens. Following its successful launch of digital collectibles in July 2022, the social network announced ‘Gen 3’, a third-generation Reddit avatar project and built on Polygon’s blockchain. It will officially launch on April 10.
Reddit collaborated with 66 creators, including new and emerging artists for its latest NFT project. Also, the team implemented new smart contracts on Polygon’s main Polygon network for the upcoming avatar drop.
On the other hand, owners of future collectible avatars on the social network will be able to use them as a display image for identification within Reddit and on other social platforms that accept profile images in NFT format such as Twitter.
Regarding the skepticism out there, the community in general is excited about the new Gen 3 collection and claim that the NFT avatars will sell out in minutes, just like the previous project. Others are on the side that they would not sell out as fast, as, they claim, non-fungible tokens are past their prime.
However, most agree and praise the marketing efforts the platform is generating to bring new digital collectibles in NFTs format to all interested parties.
Recall that Gen 3 is being announced after Reddit has captured the interest of thousands of users in the non-fungible token ecosystem with Gen 1 and Gen 2 sales, which began in July 2022.
Moreover, in just three months the project generated three million holders of their NFT avatars and they want to buy it, they stored their avatars in digital vaults. According to Dune, the leading cryptographic analytics platformshows that so far there are more than 7.3 million users who own a Reddit avatar.
Reddit collectible avatars – source: Official Twitter of the social network
Previous NFTs from Reddit have been in the news for their success in increasing trading volume. On October 24, 2022, the project generated a new all-time high in trading volume that reached $3 million USD. At that time, volume reached $1.5 million USD in just 24 hours, almost a third of the total volume which was $4.1 million USD. Then, on October 26, the project was in the top 10 OpenSea collections based on the most sales for the week.
As I mentioned earlier, it is estimated that by the week of April 10, the drop of these collectible avatar NFTs will begin. This hints at how Reddit is working to form deeper bonds with its users, as, their commitment to developing and launching this project will generate exponential growth in both the non-fungible token ecosystem, as well as awareness of Reddit as a social network for users.
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Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.