Community members responded to the new development, with some praising Reddit’s marketing efforts and changing the anti-NFT narrative within the platform.
Online discussion platform Reddit has deployed the third generation of its blockchain-based digital collectibles dubbed “Reddit Avatars” on the Polygon blockchain, resulting in community members and collectors expressing their thoughts on the much-anticipated drop.
The nonfungible token (NFT) avatars were first introduced in July 2022 to empower artists to create and sell their work. In addition, whenever users purchase a collectible, it can also be set as an avatar on Reddit’s website. The 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 various users predicting that the avatars would sell out in minutes, with others praising Reddit for its marketing and branding prowess.
One collector who participated in collecting the first and second generation of avatars expressed their excitement, saying the new drop has the potential to be sold out “within minutes.“ Meanwhile, other users praised Reddit’s marketing effort to successfully change the narrative on NFTs, converting anti-NFT users to neutral and pro-NFT.
While some are very excited about the release, others believe it may not sell as fast as expected, describing the payment process as “cumbersome.“
Reddit’s NFTs have witnessed a surge in trading volume. On Oct. 24, 2022, the collection reached a new all-time high in trade volume as wallet holders closed in on $3 million. At the time, the volume reached $1.5 million in 24 hours, almost one-third of the overall volume of $4.1 million. On Oct. 26, the collection also made its way to the top 10 collections on OpenSea for the most sales in the week.