Online discussion platform Reddit has released 3rd generation NFT collections called Reddit Avatars on the Polygon blockchain.
Reddit’s NFT avatars were first introduced in July 2022 to support artists to create and sell their work. When users purchase a collectible item, it can also be set as an avatar on Reddit’s website.
Reddit Collections Continue to Get Interest
Reddit released the contract for Gen 3 avatars on Tuesday, April 5, on the Polygon blockchain.
As a result, various users predicted the avatars would be sold out within minutes, while others praised Reddit for its marketing and branding prowess. A collector who participated in the collection of first and second generation avatars expressed his excitement and stated that the new collection has the potential to be sold out within minutes.
However, other users also said that Reddit has successfully changed the narrative about NFTs. According to users, many anti-NFT users have become pro-NFT thanks to Reddit. While some users are quite excited about the new version, others describe the payment process as cumbersome and believe that it may not sell as quickly as expected.
Reddit’s NFTs have witnessed a significant increase in trading volume. The collection hit an all-time high in transaction volume with wallet holders closing $3 million on October 24, 2022. At that time, the volume reached $1.5 million in 23 hours, almost a third of the total volume of $4.1 million. The collection managed to become one of the top 10 best selling collections in a week on OpenSea on October 26.
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