Reddit Launches Gen 3 NFT on Polygon
Thread tycoon Reddit has launched the third generation of its blockchain-based digital collectibles known as Reddit Avatars on the Polygon blockchain, which has generated excitement among community members and collectors. The NFT avatars were introduced in July 2022 to empower artists to create and sell their artwork.
When users purchase a collectible, they can set it as an avatar on Reddit's website. In August 2022, the avatars were made available, generating thousands of dollars in sales. Reddit deployed the Gen 3 avatar contract on the Polygon blockchain, with users predicting that they would sell out in minutes and praising Reddit for its marketing and branding efforts.
Some users also praised Reddit for successfully changing the narrative on NFTs, converting anti-NFT users to neutral and pro-NFT. A collector who participated in collecting the first and second generation of avatars expressed excitement, saying the new drop has the potential to sell out within minutes.
While some individuals are highly anticipating the release of the NFTs, others are concerned that the payment process may be cumbersome, potentially hindering sales. Nonetheless, Reddit’s NFTs have experienced a significant increase in trading volume.
On October 24, 2022, the collection reached an all-time high in trade volume, with wallet holders nearly reaching 3 million USD. Over the course of 24 hours, the volume was 1.5 million USD, accounting for almost one-third of the overall volume of 4.1 million USD. Additionally, on October 26, the collection made its way to the top 10 collections on OpenSea for the most sales in the week.
Sources:
https://cointelegraph.com/news/reddit-deploys-gen-3-nft-avatar-contracts-on-polygon