The new development got positive feedback from the community, with some applauding Reddit’s advertising programs and changing the platform’s anti-NFT attitude.
The third generation of “Reddit Avatars,” Reddit’s blockchain-based digital collectibles, has been launched on the Polygon blockchain, leading community members and collectors to share their thoughts on the eagerly awaited launch.
NFTs, or nonfungible token avatars, were first developed in July 2022 to help artists make and market their works. Additionally, whenever a user buys a collectible, Reddit will let them use it as their avatar. In August 2022, the avatars were made available, and the designers received thousands of dollars in sales.
On April 5, Reddit posted the Gen 3 avatar contract to the Polygon blockchain. As a result, several users predicted that the avatars would sell out in a matter of minutes, and others commended Reddit for its expertise in branding and marketing.
An enthusiastic collector of the first and second avatar generations voiced their delight and that they expected the future drop to sell out “within minutes.” Meanwhile, other users praised Reddit’s marketing initiatives for successfully shifting the discourse on NFTs and converting opponents of NFTs into supporters.
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Even though some people are really excited about the release, others believe it won’t sell as quickly as anticipated because of the “burdensome” payment process.
The amount of money traded in Reddit’s NFTs has surged. On October 24, 2022, the collection’s transaction volume reached a new record high when wallet holders neared $3 million. The volume at the time was $1.5 million in 24 hours, or nearly one-third of the $4.1 million overall volume. The collection was additionally listed as one of OpenSea’s top 10 collections for the week’s sales on October 26.
Content Source: cointelegraph.com