Reddit Avatars worked hard and made progress slowly but surely. Even though the project was laughed at at first, their second 40K collection sold out in just a few hours, and the prices of the pieces on the secondary market are going up. Don’t call them NFTs, though. By not using crypto jargon when talking about the project, the Reddit brand was able to do something that seemed impossible. Thank you for being interested in “Blockchain-backed Collectible Avatars,” which are Reddit’s avatars.
The community backs the project. The platform worked with Reddit artists, who also get a cut of every sale made after the first one. The prices are set and range from $10 to $100 for each item. At the storefront of the platform, all fiat currencies, but not cryptocurrencies, are accepted. Because the “collectible avatars” are hosted by Polygon, an Ethereum-compatible layer 2 solution, there are no gas fees and very low transaction costs. In short, they are NFTs, but don’t tell Reddit users that.
On October 21, the second generation of Reddit Avatars became available, and in less than 24 hours, 40,000 units were sold. Remember that the first set of Reddit avatars took months to sell out, and that some of them are now being sold on OpenSea for 50 times as much. The company was able to do all of this outside of the traditional cryptocurrency markets because its users were so dedicated. Reddit Avatars put complexity in the background and streamlined everything to make it as easy as possible for them to accept the product.