One of the most unique community-centric platforms Reddit is ready to drop Gen 4 Collectible Avatars on Polygon on July 26. The news was initially revealed on r/CollectibleAvatars, the official community of Reddit Collectible Avatars.
Will the coming drop blow up the NFT space again?
Named “Retro Reimagined,” this new NFT collection will mark Reddit’s collaboration with prominent NFT creators such as Cool Cats, Micah Johnson, and KristyGlas.
Cool Cats is a blue chip NFT collection with 9999 hand-drawing blue cat avatars. The Ethereum-based project affirmed its launch of a limited-edition series in collaboration with Reddit on the same day.
Are NFTs Still Hot?
The new collection is expected to blow up the NFT space after the successes of the previous Collectible Avatars. Reddit’s first entry into the NFT space was July 2022. Marking Reddit’s significant stride in broadening its horizons, the move has since generated a lot of interest from users.
The Collectible Avatars is a series of limited-edition PFPs created in partnership with independent artists and NFT creators. The latest Gen 3 was released in April 2023. While NFTs are not has hot as they were a few years ago, this drop is getting some attention.
The first collection experienced a surge in trading volume, reaching an all-time high on October 24, 2022, with wallet holders earning a whopping $3 million. This accomplishment led the collection to secure a spot in the top 10 best-selling collections on OpenSea for the week of October 26.
In addition to the new drop, Reddit users can look forward to some significant changes in the platform’s collectibles shop.
The shop will soon be seamlessly integrated into Reddit’s avatar editing section, as reported by Reddit. Currently, the collectibles shop boasts a diverse selection of Gen 3 avatars, with various options available at affordable prices, starting from $4.99.
Interestingly, Reddit has taken a unique approach to its Polygon-based avatar collections. The platform doesn’t label the CryptoSnoos as NFTs due to the absence of cryptocurrencies in the buying and selling process.
Owners of these collectibles can enjoy the freedom to transfer their avatars to other Reddit accounts using the blockchain-based wallet, Vault. Furthermore, there’s an option to transfer them to external third-party crypto wallets, providing users with added flexibility.
Reddit currently doesn’t provide support for secondary sales of collectible avatars.
Reddit’s Efforts to Reshape the NFT Narrative
Despite an extended setback in the NFT market, Reddit has been actively working to bridge the gap between Web 2 and Web 3. The team aims to create a more seamless and integrated experience for its users.
By embracing the potential of blockchain technology and non-fungible tokens (NFTs), Reddit is taking steps to enhance the platform’s capabilities and offer new opportunities to its community.
During the Ethereum Community Conference (EthCC) in Paris, Reddit’s senior engineer, Mirela Spasova, shed light on their successful onboarding of millions of users to their NFTs.
The key driving force behind running Collectible Avatars on-chain is to empower users with the freedom to utilize them as they see fit. This includes the ability to resell avatars on popular NFT marketplaces like OpenSea.
Enhanced user experience without sacrificing quality is the team’s priority. To achieve this, Reddit made strategic decisions, such as developing a noncustodial wallet and a “Reddit Vault” for seamless onboarding in just 30 seconds. These efforts have resulted in an impressive accomplishment, with over eight million users successfully adopting Vaults.
This community-centric approach led to an impressive outcome – flourishing organic engagement between artists and users within the Reddit Collectible Avatars ecosystem.
Reddit’s dedication to user experience, smart trade-offs, and seamless onboarding processes have made their Collectible Avatars immensely popular, fostering a thriving community that brings artists and users closer together.